Jeremy Lin has withdrawn from the U.S. Select Team due to his pending contract status.

Lin was going to practice against the Olympic squad, which begins on Friday in Las Vegas.

The Knicks have said they plan to re-sign Lin or match any offer sheet he signs with a rival team, but they may wait to make any actual moves until Steve Nash's situation is resolved.

"Unfortunately, I am not going to be able to participate in the 2012 USA Men's Select Team this summer," Lin said in a statement. "It was such an incredible honor to be selected, but I have withdrawn my name from the team because of my status as a free agent.

"I hope to have the opportunity to participate with USA Basketball at some point in the future."

If Nash doesn't sign with the Raptors, the team is rumored to pursue Lin with a heavily backloaded contract.