Jeff Hornacek is out as coach of the New York Knicks as the playoff drought at Madison Square Garden continues.

The team announced Hornacek's dismissal on Thursday, hours after the Knicks wrapped up a 29-53 campaign that left them out of the postseason for the fifth consecutive year.

Associate head coach Kurt Rambis was also let go following the 110-98 victory over the Cleveland Cavaliers on Wednesday.

"Jeff is a true professional who has worked tirelessly for this organization the last two seasons," Knicks president Steve Mills and general manager Scott Perry said in a joint statement.

"We sincerely appreciate his efforts and considerable contributions to the team and wish him well in his future endeavours."

Hornacek was 60-104 (.366) overall in his two seasons at the helm in New York. Injuries did not help his cause this term, with Kristaps Porzingis lost to a torn anterior cruciate ligament in February and Tim Hardaway Jr missing significant time due to a leg injury.. 

Hornacek's successor will not be starting from scratch, with Porzingis and Hardaway forming part of a sound young core that includes Frank Ntilikina, Trey Burke and Enes Kanter.

Former Memphis Grizzlies coach David Fizdale, ex-Cavaliers boss David Blatt and Knicks great and former Golden State Warriors coach Mark Jackson have all been linked as replacements.