According to Adrian Wojnarowski of The Vertical, Vasquez will require surgery to repair an ankle injury.
"Greivis did everything we asked of him and more to try to get back on the court at full strength," Nets general manager Sean Marks noted. "The passion, grit and perseverance he has shown since he joined the team have been remarkable. We are thankful to Greivis for all of his efforts and wish him well in the future."
Vasquez, 29, appeared in three games for the Nets during the 2016-17 season, averaging 2.3 points and 1.7 assists in 13.0 minutes per contest.
The journeyman point guard has appeared in games for the Memphis Grizzlies, New Orleans Hornets, Sacramento Kings, Toronto Raptors and Milwaukee Bucks in his seven-year career, averaging 9.0 points and 4.8 assists during that span.
In a corresponding move to Vasquez's release, the Nets will sign guard Yogi Ferrell, per Wojnarowski. He'll join Isaiah Whitehead on the depth chart at point guard, with Jeremy Lin currently nursing a hamstring injury.
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