The team announced the move Wednesday, making Brown an unrestricted free agent.
Brown was selected by Charlotte with the 40th overall pick in the 2009 NBA draft. He averaged career-highs of 8.1 points and 3.6 rebounds and 22.2 minutes in 65 games last season for the NBA-worst Bobcats. He's played in 171 games during his three-year NBA career with the Bobcats and New York Knicks, but became expendable after the team drafted small forwards Michael Kidd-Gilchrist and Jeffrey Taylor.
He's the second Bobcats restricted free agent who has had his qualifying offer rescinded.