1:25pm: The Knicks have officially waived Thomas, according to the team's PR Twitter account.
FRIDAY, 11:40am: Adrian Wojnarowski of Yahoo! Sports has reported that the Knicks will waive Thomas to clear a spot to sign Solomon Jones. While Wojnarowski doesn't explicitly mention Singleton in his report, the implication seems to be that the Knicks' agreemeent with Singleton fell through, leading them to turn to Jones instead.
If the Knicks were to waive another player in addition to Thomas, they could clear room for both Singleton and Jones. It's possible that there were complications with Singleton's letter of clearance from China, though that's just my speculation.
WEDNESDAY, 6:38pm: The Knicks will waive Thomas, Isola tweets. Thomas, 40, will have surgery on his foot next week. Thomas has been the league's oldest player this season, a distinction that will fall to Grant Hill of the Clippers, who is one day younger.
5:52pm: The Knicks will sign free agent power forward James Singleton, a source confirms to Ian Begley of ESPNNewYork.com (Twitter link). Frank Isola of the New York Daily News first tweeted the news that a deal was close. Kurt Thomas, in the last season of a two-year contract for the minimum salary, will likely be waived to create room on the roster, according to Isola.
Singleton signed in November with the Xinjiang Flying Tigers of the Chinese league after turning down a minimum-salary offer last summer from the Wizards, with whom he played 12 games last season. The 6'8", 31-year-old Singleton averaged 15.2 points and 11.1 rebounds as a part-time starter in 21 games for Xinjiang this season, down slightly from the 17.8 PPG and 11.9 RPG he produced while playing in China during 2011/12. He's seen much more limited playing time with the Clippers, Mavs and Wizards in parts of five NBA seasons, notching 8.2 PPG and 6.8 RPG with Washington last year.
Begley reported earlier today that the Knicks were looking at free agent big men in the wake of Kenyon Martin's injury last night. The Knicks have been especially hard hit with ailments to their front line, Thomas included. He suffered a stress fracture in his right foot last month, and played with the injury in a game against the Jazz before shutting it down with hopes of returning for the playoffs. That game, Thomas' last appearance, was the first win in New York's current 13-game winning streak, Isola points out (Twitter link).