Knicks waive Chris Smith, re-sign Jeremy Tyler

The New York Knicks have decided to waive Chris Smith, according to sources close to the situation.

The Knicks were in the process of finalizing the move Monday to create a roster spot to sign big man Jeremy Tyler, who has been playing for the Erie BayHawks, the Knicks' D-League affiliate, since going to training camp with New York.

Smith acknowledged on Twitter that he had been released by the team. On Monday evening, he sent out a tweet thanking the organization for a "great opportunity."

The Knicks considered releasing center Cole Aldrich to make room for Tyler, sources said, but decided to let go of Smith. They reached an agreement with Tyler on Monday afternoon, sources said.