New York, NY -- (Sports Network) - The New York Knicks have reversed course and decided not to bring Allen Iverson into the fold.

The New York Times reported on Friday that the organization decided late Thursday not to offer the journeyman guard a contract.

It is a surprising turn of events for the former star. After being waived by the Memphis Grizzlies on Monday, Iverson apparently was set to land with the struggling Knicks, who expressed a high level of interest in signing the future Hall of Fame guard for the remainder of the season.

However, the Times said, during a late meeting Thursday between high-ranking Knicks officials, the decision was made not to pursue the matter any further.

Iverson, who signed with Memphis as a free agent in September, missed the first three games of the season with a hamstring injury before returning. He came off the bench in each of his three appearances, prompting the nine-time All-Star to express his unhappiness with the situation.

He was given a leave of absence from the team on November 7, before the two sides mutually agreed to terminate his one-year contract on Monday.

Iverson averaged 12.3 points and 3.7 assists in the three games this season, playing just over 22 minutes a game.

The 34-year-old started last season with Denver but was traded to Detroit on November 3 after just three games and played 54 games with the Pistons. His season was curtailed by a back problem and he averaged 17.5 points, 5.0 assists and 3.0 rebounds in a combined 57 games, including 53 starts.

The former Georgetown star spent his first 10 full seasons with Philadelphia, leading the 76ers to the NBA Finals in the spring of 2001. He was the league MVP for the 2000-01 season.