The Brooklyn Nets have agreed to waive veteran guard Joe Johnson as he goes in search of a switch to a playoff contender.
The 34-year-old, who moved to New York from the Atlanta Hawks in 2012, leaves with the Nets 14th of 15th in the Eastern Conference and a dismal 15-42 for the season.
Johnson currently earns around $25m (£18m) a season but gave back around $3m in salary in order to make the deal happen in time to meet the playoff eligibility deadline.
Sean Marks, general manager of the Nets, said: "Joe has been a quality professional since joining the Nets four years ago, was a valued member of three playoff teams, and provided many thrilling moments for his teammates and Nets' fans. We wish him much success in the future."
In a post on Twitter, Johnson said: "Thank you to all of the Brooklyn and New York Fans for your support during my time with the @BrooklynNets. I want to thank the Nets organization and I wish nothing but the best to the team. I am looking forward to the next chapter of my career and am excited to bring my talents to a new team."
Among the teams thought to be interested in Johnson are Atlanta, Boston, Cleveland, Houston, Miami, Oklahoma City and Toronto.