Report: New York Knicks, Amar'e Stoudemire reach buyout agreement

The New York Knicks have reportedly reached an agreement with Amar'e Stoudemire to buy out the rest of his contract.

The 32-year-old's contract was due to expire at the end of this season, but he can now sign with a playoff contender for the remainder of the campaign, according to the New York Daily News.

Since signing a five-year, $100m (£65m) deal in 2010, power-forward Stoudemire has been plagued by injury.

The six-time All-Star and former Rookie of the Year enjoyed a successful first season with the Knicks, averaging 25.3 points per game, but since then his numbers have dropped and last year he managed just 11.9.

The Dallas Mavericks are said to be leading the race to sign Stoudemire, with the Los Angeles Clippers and Phoenix Suns also reportedly interested.