The Orlando Magic waived guard Jameer Nelson after 10 seasons, the team announced Monday.
The Magic also waived guard Doron Lamb.
Nelson will become an unrestricted free agent. The move will save the Magic $6 million.
"Jameer (Nelson) is the ultimate professional," general manager Rob Hennigan said in a statement. "We truly thank him for his contributions to the organization, both on the court and in the community, during the last decade. He will always be a member of the Magic family."
Nelson was originally selected by Denver in the first round (20th overall) of the 2004 NBA Draft, but was acquired by Orlando in exchange for a future first-round pick on draft night.
Nelson played in 651 career NBA regular-season games (556 starts), all with Orlando, averaging 12.6 points, 5.4 assists and 3.1 rebounds per game. He also appeared in 44 career playoff games, averaging 15.0 points, 4.6 assists and 3.5 rebounds.
"I appreciate the opportunity the Orlando Magic has afforded me and my family over the past 10 years," Nelson said in a release. "I'd like to thank the DeVos family, team management, and all the coaches that have provided me guidance, mentoring, and the ability to play the game that I love in the town that I love.
"All good things must come to an end, however, and it's time to move on. I look forward to continuing my career as an NBA player and will never take for granted my time in Orlando."
Lamb averaged 3.6 points in 13.1 minutes, while shooting 40 percent from 3-point range over 53 games last season.
A second-round draft choice of the Milwaukee Bucks in 2012, Lamb has averaged 3.5 points in 12.7 minutes over 100 NBA games and shot 39.4 percent on 3-pointers.
The Magic acquired Lamb as part of a six-player trade with the Bucks in February 2013.