As Winderman noted, the Heat will now be able to place Bosh on waivers to clear his salary from their cap. He's due to make $25.3 million next season and $26.8 million in 2018-19 as part of the five-year deal he signed in 2014.
The move will give the Heat approximately $37 million in cap space to try signing free agents this summer.
Bosh was diagnosed with a blood clot in his lungs during the 2015 All-Star break and missed the rest of the season. He appeared in 53 games during the 2015-16 season before being shut down again with a blood clot in his calf.
His last appearance in an NBA game was February 9, 2016, when he scored 18 points in 35 minutes. The 33-year-old won two NBA titles in his 13-year career.