Orlando, FL (SportsNetwork.com) - The Orlando Magic waived veteran point guard Jameer Nelson on Monday, cutting loose the franchise's all-time assists leader after 10 seasons.
In addition to his 3,501 assists being the most all-time for a Magic player, Nelson ranks second in franchise history in games played at 651.
Orlando general manager Rob Hennigan called Nelson "the ultimate professional" and the guard thanked the city, the team and its fans.
"All good things must come to an end, however, and it's time to move on," Nelson said in a statement. "I look forward to continuing my career as an NBA player and will never take for granted my time in Orlando."
Nelson, 32, re-signed with the Magic on a three-year deal in July 2012 even as speculation grew about Dwight Howard's future with the team. Howard was dealt to the Lakers about a month later.
By waiving Nelson before the last year of his contract, the Magic will save $6 million that wasn't guaranteed on the deal, according to reports.
Nelson averaged 12.1 points and 7.0 assists in 68 games this past season. He has averaged 12.6 points and 5.4 assists in his NBA career and made it to the NBA Finals with the Magic in 2009, the same year he was an All-Star for the only time.
The former Naismith Award winner was selected by Denver in the first round of the 2004 draft out of Saint Joseph's but traded to Orlando on draft night for a future first-round draft pick.
As a senior in college, he led Saint Joseph's to an undefeated regular season, a No. 1 national ranking and into the regional final of the NCAA Tournament in 2004.
The Magic also waived guard Doron Lamb on Monday.