The New York Knicks have sacked head coach Mike Woodson following a difficult season which saw the team miss out on a spot in the playoffs.

Woodson had one year remaining on his contract, but a 37-45 record encouraged the Knicks to take the decision ahead of a potentially crucial summer in the trade market.

"I have a tremendous amount of respect for Mike Woodson and his entire staff," team president Phil Jackson revealed in a statement. "The coaches and players on this team had an extremely difficult 2013-14 season, and blame should not be put on one individual.

"But the time has come for change throughout the franchise as we start the journey to assess and build this team for next season and beyond.

"Everyone in this franchise owes a great deal of gratitude to what Mike and his staff have done. We wish him the best."

Former Phoenix Suns general manager Steve Kerr is believed to be a candidate to replace Woodson.