4:56pm: The Knicks have officially waived Valentine, the team tweets.
Valentine was just acquired from Cleveland in a three-team deal but New York obviously had no plans to retain the five-year veteran guard.
The dead-money cap hit for waiving Valentine is $880,509. However, New York received $1.1MM from the Lakers in the trade, offsetting the move. Wayne Selden was also waived on Monday, so New York will now have an open spot on the 15-man roster.
Valentine appeared in 22 games off the bench for Cleveland, averaging 2.9 PPG in 9.3 MPG. Valentine, who played four seasons for Chicago, will now try to hook onto another team in free agency.