Anderson was brought back for a second stint with Houston in September, but he only appeared in two games with the team this season, averaging 2.5 points and shooting 20% from 3-point range.
The 31-year-old was a key starter for the Rockets from 2016-2018 when he averaged 11.6 points and shot 39.6% from deep.
However, he struggled immediately after leaving Houston, posting just 2.5 points per game on 30.4% shooting from the floor - including an ugly 22.5% mark from distance - across 25 appearances with the Phoenix Suns and Miami Heat in 2018-19.
The former first-round pick is a career 38% shooter from downtown.
Houston has no imminent plans for the vacated roster spot, which could be filled by guard Chris Clemons if the club converts his two-way contract into an NBA deal, according to Jonathan Feigen of the Houston Chronicle.