From Adrian Wojnarowski's twitterpage:
Rafer Alston has agreed to a contract buyout with Nets, and Heat and Cavs lead list of possible suitors for free agent, sources tell Y!
Remember that post Mark did this morning, and how a lot of those rumors had to do with a roster spot getting open? Well here is that spot kids, look for more action to be coming in the near future.
I am assuming this to be true as Wojnarowski is usually spot on with everything. The Rafer experiment didn't really work out, and I can see Rod and Kiki buying him out because they couldn't get anything on the trade market.
Update #1: It is being reported by Adrian as official.
Update #2: Dave D chimes in with a quote from Rafer's agent -
“We’ve reached an agreement in principle regarding a buyout for Rafer,” agent Dan Fegan said in a phone conversation.