Meeks is owed $3.5 million for 2018-19, the last year of his current deal.
In 531 career games, the 31-year-old shooting guard has averaged 9.3 points, 2.1 rebounds, and 1.1 assists per game while shooting 37.2 percent from the 3-point line.
Meeks will still have to serve a 19-game suspension in the event he signs another NBA contract. He was handed a 25-game suspension near the end of last season for violating the league's anti-drug policy. As Meeks is currently on the Suspended List, he doesn't count toward Milwaukee's roster. Rather than waiving him outright, the Bucks stand to save nearly $300,000 against their luxury tax by waiting until the conclusion of Meeks' suspension before making a roster decision, according to HeatHoops.com's Albert Nahmad.
With Meeks' departure, the Wizards have just 13 players on their roster, suggesting the possibility of another signing ahead of the season.
In a separate move, the Bucks have also waived training camp invite Tim Frazier, league sources told Yahoo Sports' Chris Haynes. A report from Sunday indicated that the fight for the Bucks' final roster spot was down to Frazier and 2017 first-round pick D.J. Wilson.