"Stephon Marbury’s five-year career with the Knicks appears close to an end. Marbury met at length with team officials on Tuesday, and all indications were that the two sides had reached agreement on a contract buyout that will free him to join another franchise for the stretch run.

Neither Marbury’s adviser nor team officials were talking on Tuesday. But a person who was briefed on the discussions said it was “heading toward a settlement.”

“That seemed to be the prevailing wind,” said the person, who spoke on condition of anonymity because the sides were not ready to announce the settlement.

By gaining his release before March 1, Marbury would be eligible for the N.B.A. playoffs, regardless of when he signed a new contract. The Boston Celtics, the defending champions, are said to be interested in signing him as a backup guard.

Buyout talks had stalled for nearly three months, since Marbury stormed out of a Dec. 1 negotiating session after just 15 minutes. The sides did not meet again until Tuesday, when they were called to a Manhattan law office for a grievance hearing over $400,000 in docked salary.

Marbury was joined at the hearing by Hal Biagas, a lawyer for the players’ union who has been serving as his adviser. Donnie Walsh, the team president, represented the Knicks. Coach Mike D’Antoni was also called to testify.

The hearing itself was apparently brief, and quickly segued into a negotiation that encompassed both the grievance and the buyout talks. It is believed that Marbury was asked to drop the grievance and forfeit about $2 million from his $20.8 million salary in order to gain his release.

The Knicks had been asking Marbury to give back $2 million to $3 million since the process began. Marbury initially offered to give up $1 million, then withdrew the offer. The $400,000 in docked pay — punishment for Marbury’s alleged refusal to play in a Nov. 26 game — complicated the process."