Joey Dorsey has agreed to part ways with Olympiacos.

Dorsey averaged 6.6 points, 5.6 rebounds and 1.6 steals in A1 League play last season.

Dorsey, 28, has spent time with the Houston Rockets, Rio Grande Valley Vipers, Toronto Raptors and Caja Laboral.  

Gilbert Arenas is close to signing a one-year deal with the Guangdong Southern Tigers, according to a source.

Arenas spent last season with the Memphis Grizzlies.

Morris Almond is leaving Red Star Belgrade after the two sides mutually agreed to terminate his contract.

Almond averaged six points over six games for Red Star.

The Mavericks waived Josh Akognon, who was signed as free agent on Sept. 27.

Akognon played in three preseason games and averaged 2.3 points in 3.7 minutes.

A source told RealGM in September that Akognon would return to China assuming he didn't make the regular season roster of the Mavericks.

Tracy McGrady is finalizing a one-year contract with Qingdao of the Chinese Basketball Association, according to sources.

McGrady was unsuccessful in trying to secure a guaranteed NBA contract for this season and decided against trying to make a roster in training camp.

McGrady is still considered a popular player in China due in part to his long tenure as Yao Ming's teammate with the Rockets.

McGrady worked out for both the Knicks and Spurs within the past month.

Adam Morrison intends to retire from basketball if he doesn't make the roster of the Portland Trail Blazers.

“I'm going to finish school and start coaching (If he didn't make the Trail Blazers roster)...I did the Europe thing and it just wasn't for me,” Morrison told CSNNW.com. “Not saying the (Europe) culture or anything like that, (or) the people, it just wasn't for me. So, yeah, if it doesn't work out, I'm willing to look myself in the mirror and say, 'I gave it a honest shot' and turn the page. Do something else.”

Morrison was complimented by Terry Stotts on his scoring, but said he will have to prove himself capable defensively to make the roster.

“I think everybody is aware that he has a great ability to put the ball in the basket,” Stotts said after the team's first training camp session. “He can make shots, he can create shots. That's his strength. That's his bread and butter and that's the way he will prove himself.

“But at the same token, he has to do a little of everything: He's got to defend, he has to fit within the team. If he has to beat somebody out, he has to beat somebody out. So, I think there are a lot of factors.”

After hammering out the details over the past several days, free agent Malcolm Thomas has finally reached agreement on a contract with Maccabi Tel Aviv, league sources told RealGM on Monday night.

While reports surfaced late last week that Thomas-to-Maccabi was imminent, the 6-foot-9 forward was still sorting through his options while negotiating logistics with the EuroLeague powerhouse, sources said.

Although Thomas had a superb Summer League showing with the Chicago Bulls in July – along with impressive workouts for the New York Knicks and Miami Heat over the last few weeks – in the end he simply could not capture the guaranteed NBA contract he was seeeking. The Bulls, Heat and Knicks were among the teams that offered him non-guaranteed training camp deals.

Privately, Thomas and his camp are hopeful he’ll land an NBA deal next offseason and confident that the chance to excel for an upper-echelon EuroLeague team will allow him to further intrigue American teams, as Jeremy Pargo was able to do.