The move will allow Cousins to explore the market to find his next team.
Cousins and the Rockets reportedly reached a mutual agreement to part ways last week. Houston's decision to cut ties with the four-time All-Star apparently stems from a desire to play smaller lineups.
Before releasing him, the Rockets guaranteed the big man's $2.3-million salary for the remainder of the season.
Cousins averaged 9.6 points and 7.6 rebounds over 25 appearances with the Rockets after missing last season while recovering from a torn ACL. He came off the bench for 14 of those games behind budding star center Christian Wood, who's currently sidelined with an ankle sprain.