Shams Charania of The Athletic and Stadium initially reported the news, noting Scott Perry will take over basketball operations on an interim basis.
ESPN's Adrian Wojarnowski added "it is expected" that Perry will still be the general manager for the "foreseeable future."
Charania pointed out the team has already turned the page:
Wojnarowski reported the Knicks have a possible replacement in mind:
According to Wojnarowski and Ramona Shelburne, owner Jim Dolan is "considering" hiring a top executive from a list of player agents. That is what the Golden State Warriors and Los Angeles Lakers did with Bob Myers and Rob Pelinka, respectively.
Along those lines, Ian Begley of SNY reported Austin Brown of Creative Artists Agency has received "internal consideration for the Knicks' presidency opening." Zion Williamson, D'Angelo Russell, Donovan Mitchell and Kyle Kuzma are among Brown's list of clients.
Mills' tenure with the Knicks began in 2013 as executive vice president and general manager before he became president in 2017 when Phil Jackson left the role.
Rumblings that Mills' time as president was limited came after New York fired head coach David Fizdale on Dec. 6. Fizdale was let go less than two seasons into his tenure, going 4-18 to start the 2019-20 season and 21-83 overall since the beginning of the 2018-19 season.
The Athletic's Frank Isola reported Dec. 7 that Mills "will either be reassigned or simply removed from the building." The New York Post's Marc Berman also reported that Mills was "on shaky ground until his struggling team shows progress to owner James Dolan's liking."
The Knicks are 15-36 on the season.