Sources told ESPN the Mavericks and Odom worked out an agreement Sunday that allows Odom to leave the team without being released.
Odom has had a rocky season in Dallas following his trade in December from the Los Angeles Lakers. He averaged just 6.6 points and 4.1 rebounds in 20.5 minutes per game while shooting 35.2 percent from the field.
"The Mavericks and I have mutually agreed that it's in the best interest of both parties for me to step away from the team," Odom said in a statement to ESPN.com.
"I'm sorry that things didn't work out better for both of us, but I wish the Mavs' organization, my teammates and Dallas fans nothing but continued success in the defense of their championship."
ESPN.com said the Mavericks plan to list him as inactive for the rest of the season but will not release him, which means he could still be traded after the season.