Newsday has learned that the Knicks will waive Stephon Marbury by the end of the week.

The team is likely to place Marbury on waivers and then begin negotiating a buyout once he clears.  

Donnie Walsh may be uneasy with the idea of paying Marbury nearly $20 million to play for another team.  Owner James Dolan must give his final approval on the decision.

Once Marbury and the Knicks have formally parted ways, Marbury will be free to sign with another team and the Heat figure to be high on the list of teams interested in his services.