Signed in July as a free agent, Gasol, 39, did not play a game this season while trying to recover from surgery on his left foot. He will continue his rehabilitation in Portland while discussing a coaching job with the Blazers.
On Twitter, Gasol wrote, "As of today, I will no longer be a member of the @TrailBlazers player roster, so I can focus all my energy on my rehabilitation."
In a video posted in the tweet, Gasol said he had hoped his surgery, performed last May, would expedite his recovery, but recent tests have shown he'll be out longer than originally hoped for.
The team later confirmed the move in a press release.
Last season was Gasol's least productive in his 18-year NBA career. In failing to average double digits in scoring for the first time, he averaged 3.9 points and 4.6 rebounds per game in 30 contests (six starts) with the San Antonio Spurs and Milwaukee Bucks.
After being bought out by the Spurs on March 1, Gasol joined the East-leading Bucks two days later. But he appeared in only three games before a stress fracture in his left foot ended his season.
He averaged 17.6 points and 8.9 rebounds per game for the Grizzlies in 2001-02, his rookie season. After being traded to the Lakers in February 2008, he was a member of a Kobe Bryant-led team that won two NBA championships.
Gasol played with the Lakers through the 2013-14 season before two All-Star seasons with the Bulls. The veteran signed with the Spurs before the 2016-17 season.
Before signing with San Antonio, he tried to work out a free agent deal with the Blazers in 2016.
--Field Level Media