Schoop was acquired from the Baltimore Orioles last July for three players, but he only managed to hit .202/.246/.331 for the Brewers in 46 games.
"Look, it was a bad deal, and that's on me," Brewers general manager David Stearns told MLB.com's Adam McCalvy. "We made a trade for a player we thought was going to be here for a year and a half, and I was wrong."
Before arriving in Milwaukee, Schoop was an All-Star who hit 106 home runs for the Orioles, including 32 in 2017.
"It just didn't work here and we have to recognize that and move on," Stearns added, according to Tom Haudricourt of the Milwaukee Journal Sentinel.