ESPN's Adrian Wojnarowski reported the Cavs waived Perkins, getting their roster down to 15 players.
Cavaliers head coach Tyronn Lue said after Friday's preseason game against the Orlando Magic that Perkins could become a coach if he's unable to find a team that wants to sign him.
"We've already talked about that," Lue told Joe Vardon of Cleveland.com. "I think Perk was great because he holds everybody accountable. He plays the right way, tries to do the right thing every single day."
After sitting out the entire 2016-17 season, Perkins signed a deal with the Cavaliers on Sept. 25 as training camp started.
In three preseason games with the Cavs, the 32-year-old Perkins scored 12 points and grabbed 11 rebounds in a total of 35 minutes.
Injuries have been the defining characteristic for Perkins throughout his career. He had a run of four consecutive seasons from 2006-10 with at least 72 games played, but he has missed at least 14 games every season from 2010-16.
Perkins was part of the 2007-08 Boston Celtics team that won an NBA championship and played in the NBA Finals two other times with the Celtics (2010) and Oklahoma City Thunder (2012).