A reconfigurable knee brace which is particularly suitable for cold therapy. The brace includes a large wrap which fits over the front of the leg and wraps around the knee. Two or more securing straps are provided to hold the wrap in place. Once in position, an internal air bladder can be inflated to secure the fit. The user inflates the air bladder using an included squeeze pump and selectively deflates the bladder using a release button. One or more removable stays are positioned on the left and right lateral sides of the knee. When the stays are in position, the knee is held in place and cannot flex or extend. However, the stays are made removable. Once the stays are removed, the knee is able to flex and extend (though it is still stabilized by the encircling wrap).