"Blake has been a great representative for our franchise and for the city of Detroit," Pistons owner Tom Gores said in a statement. "His work ethic and his approach to the game contributed a lot to our culture. He has been a consummate pro and we wish him continued success.
"I'm grateful for everything he did for our team and for our community."
The 31-year-old Griffin is expected to reach a decision on his next team after holding conversations with prospective teams. According to ESPN, the Brooklyn Nets, Golden State Warriors, Miami Heat and Portland Trail Blazers are in consideration for Griffin.
"I thank the Pistons organization for working together on an outcome that benefits all involved and I wish the franchise success in the future," Griffin said in a statement Friday.
The Pistons acquired Griffin -- the No. 1 overall pick in the 2009 NBA Draft -- in a trade with the Los Angeles Clippers in January 2018. During his three-plus years in Detroit, he posted averages of 20.7 points, 6.7 rebounds and five assists over 138 games.
Injuries have greatly altered Griffin's offensive output over the past two seasons. In the 2019-20 campaign, he averaged a career-worst 15.5 points and 4.7 rebounds in only 18 games.
Griffin, a six-time All-Star selection, is averaging 12.3 points, 5.2 rebounds and 3.9 assists for the Pistons across 20 games this season.