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NEW YORK -- The Knicks have signed forward Lamar Odom, the team announced on Wednesday.
A league source told ESPN New York that Odom's contract is guaranteed for the remainder of the season and contains a non-guaranteed option for next season. It will be up to the Knicks to exercise the option.
This gives the team an opportunity to work out Odom and determine his fitness before committing to him for the 2014-15 season.
ESPN.com's Marc Stein previously reported that the Knicks, at the behest of new team president Phil Jackson, had been looking into the possibility of signing Odom for the past few weeks.
Jackson coached Odom for five seasons in Los Angeles. Odom won two championships under Jackson and the 2010-11 Sixth Man Award.
He was traded from the Lakers to the Dallas Mavericks after Jackson's final season as Lakers coach in 2010-11 and has since struggled to approach the same level of production he regularly managed under Jackson.
Odom's health is uncertain at this point. The 34-year-old's short stint playing in Spain ended due to a back injury.
The Queens native has spent time in New York since returning from Spain, where he played for Laboral Kutxa Baskonia in the Spanish ACB for just two games.
Odom's last stint in the NBA was in 2012-13 with the Los Angeles Clippers.
The Clippers and Lakers had expressed interest in signing Odom at various points this season after a tumultuous summer off the floor that included his eventual divorce from reality TV star Khloe Kardashian.
During the 2013 offseason, Odom was arrested on a DUI charge and reportedly dealt with substance-abuse issues.
Both the Clippers and Lakers ultimately passed on signing Odom, leading the veteran to make his return in Spain.