Valanciunas, 34, averaged 8.7 points, 5.1 rebounds and 1.2 assists over 65 games last season with the Nuggets.
Across 1,002 career games, the six-foot-11 Lithuanian has also played for the Toronto Raptors, Memphis Grizzlies, New Orleans Pelicans, Washington Wizards and Sacramento Kings.
Valanciunas’s $10-million salary for 2026-27 would have become fully guaranteed if he hadn’t been waived. Denver will now owe him $2 million.
Per Charania, Valanciunas is expected to receive interest from multiple NBA teams.
The Raptors picked Valanciunas fifth overall in the 2011 NBA Draft.