The news means that the 33-year-old will have the opportunity to play in the NBA again by March of this year.
The fact that he won't be available until March at the earliest will likely keep interest low among teams around the league, but there are a few that could show interest.
One of K-Mart's former teammates is showing interest in bringing him to New York.
During their seven seasons together in Denver, Anthony and Martin formed a pretty good relationship.
Obviously, Martin wouldn't be needed as a starter in New York with Amar'e Stoudemire taking the majority of the minutes at power forward.
However, he would have the ability to be a great player off the bench, which is why the Knicks should really consider making the move.
Since Martin can't play until March, the team doesn't have to worry about plugging him in as a starter midway through the season.
Having him come off the bench is probably the ideal situation for any team considering Martin as an option.
New York currently has the $2.5 million exemption they can use to bring in Martin after signing Baron Davis to the league minimum earlier this offseason.
It looks like a no lose situation for both the team and for K-Mart to make a deal happen.