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Report: Knicks to cut ties with Lin

New York, NY (Sports Network) - It's looking likely the New York Knicks and Jeremy Lin will part ways.

The team is set to cut ties with Lin on Tuesday night, according to The New York Times, leaving the guard free to sign with the Houston Rockets.

The Rockets signed Lin to a three-year, $25.1 million offer sheet earlier this month that the Knicks have declined to match, the Times said.

The Knicks, of course, were rallied out of a mid-season funk by Lin's sudden emergence from a reserve to a reliable scorer and passer, gaining the point guard a vocal following and giving rise to the "Linsanity" phenomenon.

Lin, 23, had left knee surgery in April to fix a small meniscus tear, missing the last month of the regular season and New York's only playoff series.

He averaged 14.6 points, 6.2 assists and 3.1 rebounds in 35 games for the Knicks last season, including 25 starts.

The Times said it was possible, though unlikely, the Knicks could change their minds about Lin.

The paper, citing persons with knowledge of the situation, said the decision was considered final as of 4 p.m. (ET).

07/17 18:30:38 ET