Cavaliers general manager Koby Altman confirmed in a press release Monday night the team is parting ways with the 34-year-old Smith. Smith averaged 6.7 points in 11 games last season.
Smith arrived in Cleveland after a trade from the New York Knicks in 2015. He averaged 10.3 points per game in four-plus seasons with the Cavaliers and became a fan favorite for his sharpshooting.
Smith won an NBA Finals with the Cavaliers in June 2016. He signed a four-year, $57 million contract extension in October 2016.
Smith was suspended midway through the 2017-18 season for throwing soup at assistant coach Damon Jones. Smith also had a key miscue in Game 1 of the 2018 NBA Finals that prevented the Cavaliers from getting a shot off before overtime. Instead of passing to LeBron James with the game tied at 107 with 4.7 seconds left in regulation, Smith dribbled and let the clock run out.
Golden State won 124-114 in overtime and swept the series in four games.
Smith has averaged 12.5 points and 3.2 rebounds in 971 career games since debuting in 2004. He won the NBA's Sixth Man of the Year award after the 2012-13 season.