Wojnarowski noted the move clears $3.5 million in cap space, which the squad will use to accept "salary dumps" in trades that also bring in assets.
The 34-year-old averaged 6.3 points in 67 games last season with the Suns.
This was Barbosa's third stint with Phoenix, where he spent the first seven years of his career. The Brazilian was once an elite scorer off the bench, winning the Sixth Man of the Year award in 2006-07 after averaging 18.1 points per game.
While he provided quality veteran leadership on the Suns last season, he only averaged 14.4 minutes per game in a crowded backcourt. With Devin Booker, Eric Bledsoe, Brandon Knight and Tyler Ulis, there wasn't enough playing time to go around.
Keith Smith of RealGM noted Barbosa earned $500,000 in guaranteed money for next year before being waived, but he now has a chance to sign with any team.
Considering the Warriors are once again looking to fill their bench with cheap veterans, the guard could be a solid fit.