The Timberwolves announced the move Friday. Roy retired before last season due to knee issues, then attempted a comeback with the Timberwolves this season after going through a procedure that gave him hope that the chronic pain in his knees would be reduced.
But after a promising training camp, Roy's knee issues returned early in the regular season. He played just five games.
The second season of the two-year contract Roy signed with the Wolves was not guaranteed, making his release inevitable.
The 28-year-old Roy was a three-time All-Star with the Portland Trail Blazers.