MEMPHIS, Tenn. — The Allen Iverson experiment with the Memphis Grizzlies is over.

Memphis announced Monday that the team has ended its one-year contract with the 10-time All-Star and former league MVP in what it called a mutual agreement. Iverson began an indefinite leave of absence on Nov. 7 to deal with a personal issue after playing only three games with the Grizzlies, all in California.

"Because of personal matters that forced him to leave the team on November 7, Allen will step away from the game at this time, allowing him to focus on those matters," general manager Chris Wallace said in a statement. "As a result, we will be ending our contractual agreement with Allen, which will allow both parties to move forward. We wish Allen the best."

The Grizzlies will waive Iverson but the team had not done that as of Monday night.

Iverson's agent, Leon Rose, did not immediately return a message left by The Associated Press on his cell phone. Iverson, who announced he was headed to Memphis on his Twitter account, hasn't posted any updates there since Nov. 2 when he played his first game with the Grizzlies.