The New York Knicks have parted ways with president of basketball operations Phil Jackson and according to The Vertical's Adrian Wojnarowski, the team is targeting Raptors president Masai Ujiri to replace him.

Former Maple Leaf Sports & Entertainment president Tim Leiweke - who hired Ujiri away from the Denver Nuggets four years ago - will help the Knicks in their search for a new president as an advisor.

Days after Jackson reiterated his desire to trade Carmelo Anthony and said he would listen to deals for Kristaps Porzingis, Madison Square Garden chairman James Dolan reversed course and cut ties with the team president.

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Knicks Notable Moves Under Jackson
July 2016: Signed Joakim Noah to 4-year, $72M contract
June 2016: Traded for Derrick Rose
June 2016: Hired Jeff Hornacek as head coach
Feb. 2016: Named Kurt Rambis interim coach
Feb. 2016: Fired Derek Fisher
June 2015: Drafted Kristaps Porzingis
Jan. 2015: Traded JR Smith and Iman Shumpert
July 2014: Re-signed Anthony to $124M contract
June 2014: Hired Derek Fisher as head coach
Apr. 2014: Fired Mike Woodson

Dolan said in a statement Tuesday that the team would be "going in a different direction."

"After careful thought and consideration, we mutually agreed that the Knicks will be going in a different direction," Dolan said. "Phil Jackson is one of the most celebrated and successful individuals in the history of the NBA. His legacy in the game of basketball is unmatched. We wish him the best and thank him for his service to the Knicks as both a player and an executive.

"While we are currently evaluating how best to move forward regarding the leadership of the organization, I will not be involved in the operation of the team. Steve Mills, the team’s general manager, will run the day-to-day business of the organization over the short term. Tim Leiweke, who brings tremendous expertise and experience in sports franchise management from both Toronto and Los Angeles and is our partner in the Oak View Group, will advise and work with Steve on an interim basis to help develop a go-forward plan." 

The move comes less than a week after Jackson led the Knicks through the NBA draft and on the eve of free agency that opens Saturday.

“The New York Knicks will always hold a special place in my heart,” Jackson said in the team's release. “This team and this town launched my NBA career. I will forever be indebted to them. I am grateful to Mr. Dolan for giving me the opportunity to return here.

"I had hoped, of course, to bring another NBA championship to the Garden. As someone who treasures winning, I am deeply disappointed that we weren’t able to do that. New York fans deserve nothing less. I wish them and the Knicks organization all the best – today and always.”

The winner of an NBA-record 11 championships as coach, Jackson couldn't engineer one playoff berth as an executive. The Knicks were 80-166 in his three full seasons, including a franchise-worst 17-65 in 2014-15.

Ujiri was named president and general manager of the Raptors in 2013. He relinquished the general manager title to Jeff Weltan last summer but remained in charge of basketball operations.  Ujiri received a "multi-year" contract extension at that time. Weltman left the Raptors to become president of the Orlando Magic earlier this off-season and Bobby Webster was promoted Wednesday to fill his role.

The Raptors have reached the playoffs in each of Ujiri's four seasons since he was hired and posted a franchise-record 56 wins in 2015-16 before reaching the Eastern Conference Finals. This season, the Raptors posted a 51-31 record in the regular season and fell once again to the Cleveland Cavaliers in the playoffs, this time in a second-round sweep.