Photo: Mark J. Rebilas/USA TODAY Sports

The New York Knicks are getting rid of several players in order to free up money for free agency that begins on Nov. 20.

The team waived forwards Taj Gibson ($10.29 million) and Kenny Wooten, as well as guards Elfrid Payton ($8 million) and Wayne Ellington, the team announced.

The Knicks also declined forward Bobby Portis’ team option worth $15.7 million and guard Theo Pinson’s team option worth $1.7 million.

The Knicks managed to clear about $40 million in cap space for free agent signings.

The players waived today could however, still be back, but on lesser deals than what they would’ve got.

The Knicks are expected to be aggressive in free agency and make a run at impending free agent Toronto Raptors guard Fred VanVleet.