"The Mavericks and I have mutually agreed that it's in the best interest of both parties for me to step away from the team," Odom said in a statement to ESPN.com. "I'm sorry that things didn't work out better for both of us, but I wish the Mavs' organization, my teammates and Dallas fans nothing but continued success in the defense of their championship."
Odom has not been released but instead placed on the inactive list. The move allows the Mavericks to trade him once the season ends.
The former Laker never was able to fit in with Dallas. He played 50 games this season and averaged just 6.6 points per game and 4.2 rebounds per game.