The two sides have been in buyout negotiations, sources told ESPN's Marc Stein.
The Nets and I agreed to part ways this afternoon. Ready for the next challenge. #mago
— Andrea Bargnani (@AndreaBargnani) February 20, 2016
Bargnani, a former No. 1 overall pick, proved to be a disappointment in Brooklyn, as the Nets were outscored by 191 points during his 634 minutes of court time this season.
Letting go of Bargnani, 30, was new general manager Sean Marks' first transaction since taking over for Billy King. The team announced Marks' hiring on Thursday.
King signed Bargnani to a two-year, veterans minimum contract with a second-year player option. He averaged just 6.6 points in 46 games on 45.5 percent shooting.
The Nets now have one open roster spot.