A league source says the Knicks have agreed in principle to a deal with Solomon Jones, who would take Thomas' roster spot.
Due to a recent rash of injuries to the Knicks' front line, the team decided to release Thomas to create room for a healthy big man. The 40-year-old Thomas suffered an acute stress reaction in his right foot in mid-March and had been inactive for the past 12 games.
"We thank Kurt for all that he has done," Knicks general manager Glen Grunwald said in a statement released by the team. "I have the utmost respect for Kurt as a player and as a man."