The move makes Portis a restricted free agent this summer and gives Washington the right to match any offer sheet.
The Athletic's Tony Jones and Fred Katz reported Tuesday that the 24-year-old forward is "seeking as much as $16 million" in free agency, and the Wizards aren't expected to match. Per Jones and Katz, Portis has already received interest from "multiple teams."
Chase Hughes of NBC Sports Washington reported the Los Angeles Lakers, Los Angeles Clippers, Utah Jazz, Milwaukee Bucks, Orlando Magic and New York Knicks are among the interested teams.
A first-round pick in 2015, Portis spent the first three-plus years of his career with the Chicago Bulls before they dealt him to the Wizards in the Otto Porter Jr. trade this past season.
He averaged 14.3 points and 8.6 rebounds in 28 appearances for Washington in 2018-19. The 6'11", 250-pound big man has also improved from range each season, shooting a career-high 39.3 percent from three-point range in 2018-19.
While Portis told TMZ Sports in February he was "disappointed" after being "blindsided" by the midseason trade, he settled in with the Wizards. Meanwhile, he said he was enjoying his time in the nation's capital, while also noting he "love[s] the big city."
"I love being here," Portis said in March, according to Hughes. "I think this is a good fit for me through and through."
It won't be long before Portis finds out if the Wizards want him. Free agency opens at 6 p.m. ET on Sunday.