The 2015 Finals MVP will be allowed to continue private workouts while Memphis searches for a trade partner, according to Herrington.
Multiple contenders, including the Houston Rockets and Los Angeles Clippers, have reportedly expressed interest in Iguodala.
Iguodala's $17.2-million salary for next season could be a stumbling block for an immediate trade. Teams will have more flexibility to match salary on Dec. 15, when free-agent signings from this summer are eligible to be traded.
Memphis acquired Iguodala and a protected 2024 first-round draft pick this summer from the Warriors, as Golden State needed to shed salary to accommodate the contracts of Klay Thompson and D'Angelo Russell.
The 35-year-old played a key role in Golden State's three NBA title runs. Iguodala averaged career lows in points (5.7) and minutes played (23.2) last year, though he bounced back in the playoffs, during which he posted 9.8 points, 4.3 boards, and four assists per contest.