The Grizzlies announced Monday they had mutually agreed to end a one-year contract with the former league MVP.

But the team did not waive Iverson until late Tuesday afternoon.

Iverson began an indefinite leave of absence on Nov. 7 to deal with a personal issue. The 34-year-old guard played only three games with Memphis, all in California. He averaged 12.3 points and 22.3 minutes coming off the bench in each.