The Pistons announced Friday both parties agreed to a buyout and the team requested waivers on Morris.
There was speculation that Morris could be traded prior to the Feb. 6 deadline.
When the deadline passed without Morris being moved, a buyout seemed like the next logical step for him and the Pistons. They appear ready to fully engage with a rebuild after trading center Andre Drummond to the Cleveland Cavaliers.
Morris signed a two-year, $6.56 million deal with the Pistons prior to this season. The second year was a player option worth $3.36 million.
Teams have until March 1 to sign Morris if he is going to be eligible for the postseason.
In 44 games with the Pistons this season, Morris averaged 11.0 points and 3.9 rebounds per contest. He shot a career-high 39.7 percent from three-point range on 4.3 attempts per game.
Given Morris' scoring efficiency and improved range with his shot, he will be an excellent option off the bench for a playoff contender to pursue now that his buyout has been made official.