According to Charania, the Kings worked with DeRozan and his representatives to come to a decision to release him after they were unable to find a deal that could work.
DeRozan was set to make $25.74 million next season, which would have been his last with the Kings. According to Charania, this deal was only partially guaranteed.
According to HoopsHype’s Michael Scotto, the Kings will waive and stretch out the final $10 million they owe DeRozan over the next three seasons.
DeRozan can now look for a new home, and as Charania reported, multiple suitors are expected to line up for the six-time all-star.
DeRozan, 36, averaged 18.4 points per game on 49.7 percent shooting from the field in 77 games for Sacramento last season. DeRozan, a 17-season veteran, was first selected ninth overall by the Toronto Raptors in the 2009 draft. During his career, he played for four different teams (Toronto, San Antonio, Chicago and Sacramento).