Linsanity is leaving New York.
The Knicks did not match the three-year, $25 million offer sheet that Jeremy Lin signed with the Houston Rockets.
The deal would have the 23-year-old point guard making $15 million in the final year, a sum that would put a hefty luxury tax on the Knicks.
Lin, the first American-born NBA player of Taiwanese or Chinese descent, will be rejoining the team that cut him before he was picked up by New York.
On Twitter, Lin wrote the message, "Much love and thankfulness to the Knicks and New York for your support this past year... easily the best year of my life #ForeverGrateful."
Raymond Felton is now expected to be the team's new starting point guard.
The Knicks traded for him after Lin signed the offer sheet.
The team also signed veteran Jason Kidd as a backup.