The 5-foot-11 inch Iverson began this season with the Memphis Grizzlies, but left the team for what he called "personal reasons" after playing in just three games.
He and team officials later reached what they called a mutual decision that he be waived and days later, the New York Knicks, a reported suitor, said he did not fit into their rebuilding plans.
The former Georgetown product, a first-round pick by the 76ers in the 1996 NBA Draft, finishes with a 27 point per game scoring average in 889 contests with Philadelphia, Denver, Detroit and, finally, Memphis.
"I always thought that when I left the game, it would be because I couldn't help my team (but) that is not the case," Iverson said in a statement.
Celebrity Families of 2014 [PHOTOS]