"It was such an incredible honor to be selected, but I have withdrawn my name from the team because of my status as a free agent," he said in a statement released by USA Basketball on Monday night. "I hope to have the opportunity to participate with USA Basketball at some point in the future."
While Lin will likely test free agency, the 23-year-old is almost a near-lock to return to the Knicks next season, especially after officially receiving early Bird rights this week after the arbitration settlement between the NBA and players' union.
Earlier today, Philadelphia 76ers point guard Jrue Holiday was added to the Select Team roster, which also includes DeJuan Blair (San Antonio Spurs), DeMarcus Cousins (Sacramento Kings), DeMar DeRozan (Toronto Raptors), Derrick Favors (Utah Jazz), Paul George (Indiana Pacers), Taj Gibson (Chicago Bulls), Gordon Hayward (Utah Jazz), Kyrie Irving (Cleveland Cavaliers), Kawhi Leonard (San Antonio Spurs), Lance Thomas (New Orleans Hornets), Klay Thompson (Golden State Warriors) and John Wall (Washington Wizards).
Jared Zwerling is a contributor to ESPNNewYork.com.