"We are disappointed that it did not work out for Beno and Metta here in New York," general manager Steve Mills said. "We thank them for their contributions this season and wish them well."
The floundering Knicks have lost eight of their last 10 and their 21-35 record has them 5 1/2 games behind Atlanta and Charlotte for the eighth and last playoff berth in the Eastern Conference.
Udrih averaged 5.6 points and 3.5 assists over 19 minutes in 31 games for the Knicks this season after signing as a free agent last summer.
The Slovenia native holds career averages of 8.9 points, 3.6 assists and 2.2 rebounds in 659 games over 10 seasons with San Antonio, Sacramento, Milwaukee, Orlando and New York.
World Peace averaged 4.8 points and 2.0 rebounds over 13.4 minutes in 29 games this season after he signed as a free agent in the summer.
The defensive-minded forward has career averages of 13.8 points, 4.7 rebounds, 2.8 assists and 1.81 steals in 931 games over 15 seasons with Chicago, Indiana, Sacramento, Houston, the Los Angeles Lakers and New York.
"It was a childhood dream of mine to play basketball professionally in New York City," World Peace, who grew up in nearby Long Island City, said in a statement.
"And it has truly been a blessing for that dream to have come true."
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