The New York Knicks and team president Phil Jackson will announce that they’re parting ways early Wednesday morning, sources told ESPN.

Conversations about what was best for the team’s future between Jackson and Knicks owner James Dolan accelerated this week when the franchise decided it would not buy out embattled forward Carmelo Anthony, sources said.

Jackson, 71, had made it well known that he felt it was best for Anthony and the organization to part ways, both publicly and privately, but Anthony refused to waive his no-trade clause, and the Knicks were determined not to accommodate any request for a buyout. Anthony has two years worth more than $54 million remaining on his deal.

With no end to the stalemate in sight, and free agency beginning on Saturday, Jackson’s discussions with Dolan accelerated late Tuesday night and the decision was made to part ways.

Some close to Dolan had been pushing him to consider firing Jackson for much of the season, sources told ESPN’s Ian Begley.

It had become clear, sources said, that Jackson had no plans to remain beyond the two years left on the five-year contract he initially signed in 2014 that paid him $12 million a year. So with no clear path forward from the toxic situation with Anthony, a constant public relations war over Jackson’s preferred triangle offense, and new concerns about the organization’s relationship with Latvian phenom and 2015 No. 4 overall pick Kristaps Porzingis, sources said it was clear things had reached a breaking point by the eve of free agency.

Several players and members of the coaching staff had expressed frustration over Jackson’s insistence that the club run more of the triangle offense midway through last season, sources told Begley.

Knicks general manager Steve Mills will stay in his current role and lead the team during free agency, sources said.

The Knicks completed a disappointing 31-51 season in April and missed the playoffs for the fourth straight year. They were 80-166 in Jackson’s three full seasons as team president, losing at least 50 games in each of them.

During a February radio interview, Dolan said he planned to honor his five-year contract with Jackson “all the way to the end.” In April, sources familiar with the situation told ESPN that the Knicks and Jackson quietly picked up their option on the remaining two years of his contract.

Jackson has faced increased scrutiny in recent weeks, stemming from his clash with Anthony and the revelation that Jackson was fielding offers for Porzingis as the Knicks looked to move up in this year’s draft. No deal was made, and New York selected French guard Frank Ntilikina with the eighth overall selection.

Asked in an interview with MSG Network why he would consider trading Porzingis, a young star regarded around the NBA as someone a franchise can be built around, Jackson replied, “The future, you know, what it brings. Does it bring us two starters and a draft pick or something that’s even beyond that? [That’s] something we have to look at as far as going down the road. We know what he is. He’s a unicorn and he’s special.”

Porzingis skipped exit meetings with Jackson and Mills in April because of frustration over the dysfunction and drama surrounding the Knicks.

Sources told ESPN that Jackson had been upset with Porzingis’ actions and was trying to teach him a lesson in professionalism this summer. Jackson, sources said, was contemplating a trip to Europe this summer to meet with his young star man-to-man.

Jackson publicly and privately expressed confidence in his vision for the club after this season, which included building a roster around Porzingis, Ntilikina and Willy Hernangomez while filling the roster with veterans who could fit into his system and contribute on both sides of the ball.

Asked last week on MSG Network what he’d tell Knicks fans who were “uneasy,” Jackson said: “Well, I think, we know what we’re doing. That’s what I can say to them. Although it’s not been apparent in our record the last couple of years, we’ve grown from within. We’ve got young players who are on their move up. It takes time to rebuild with youth. And, I think, to have confidence in the fact that we’re going to have good players and we’re going to have a good team and we’re going to be on the court, competitive.”

Information from ESPN’s Ian Begley was used in this report.