Memphis announced Monday that the team has ended its one-year contract with the 10-time All-Star and former league MVP in what it called a mutual agreement. Iverson was not placed on waivers by the 6 p.m. ET deadline on Monday so is expected to be waived on Tuesday, a league source told ESPN.com's Chris Sheridan.
Under the agreement, Iverson will receive only a fraction of the $3 million he was scheduled to earn. If he clears waivers, he will become an unrestricted free agent on Wednesday night.
Few NBA teams had shown interest in the 34-year-old guard before Memphis signed him to a one-year, incentive-laden contract on Sept. 10. Memphis fans greeted the biggest star ever to play for the Grizzlies with a big crowd for his introductory news conference and eagerly bought up his No. 3 jersey, though he wound up never playing a game on the team's home court.
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