The 39-year-old center appeared in just 24 games last season for the Knicks, averaging 1.8 points per game. Camby was picked second overall by Toronto in the 1996 draft and has played 973 games during his career.
Camby has expressed a desire to play for a contending team .
The front-runners for Camby, who is looking to play two more years and then move into coaching, are Miami, Houston, Chicago and the Los Angeles Clippers, a source with knowledge of the situation said.
The Raptors announced Tuesday that they were using their amnesty provision on forward Linas Kleiza.
Information from ESPNNewYork.com's Jared Zwerling and Ian Begley was used in this report.