6:18pm: Jared Zwerling of ESPN New York gives his take on the Gadzuric signing, saying that the Knicks could have an eye on beefing up for their first round playoff matchup against Chicago or Miami.
4:58pm: The Knicks have made the move official, announcing in a press release that they've signed Gadzuric and waived Walker.
Gadzuric joined the D-League earlier this season, where he has averaged 12.0 points and 11.3 rebounds in 12 games for the Texas Legends. The 34-year-old has appeared in 525 NBA games, spending the first eight seasons of his career with the Bucks before playing for the Warriors and Nets last season. He'll give the Knicks another option up front with Amare Stoudemire and Jared Jeffries out of action, and will be playoff-eligible since he hasn't played for an NBA team this season.
Walker, meanwhile, is in the final year of his contract, so the Knicks will only be on the hook for the remainder of this season's salary for him. After logging significant minutes in the first half, the 24-year-old underwent elbow surgery and has not been a part of the Knicks' rotation since returning.