Five days after the announcement of his return on a part-time basis ignited a controversy over his dual role as a college coach, Thomas issued a statement saying the deal has been called off, The New York Times reported.
In the statement, Thomas said he had spoken with NBA Commissioner David Stern and Knicks executives, and that "it has become apparent that my new agreement violates certain NBA bylaws."
"Because of this, I have decided to rescind my contract with the team," the statement said.
The Times said Thomas indicated he will instead concentrate on his full-time basketball coaching job at Florida International University.
Thomas's dual jobs as a college coach and pro consultant this week brought criticism from Duke University Coach Mike Krzyzewski and Syracuse Coach Jim Boeheim, both of whom cited possible conflicts of interest in the arrangement.
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