He will officially clear waivers on Monday night.
The former No. 1 overall pick of the Toronto Raptors in 2006, Bargnani signed a two-year deal with the Nets last July worth the veteran's minimum of $2.5 million, with a player option for the second year.
Former Nets general manager Billy King credited Bargnani at the time of the signing as being someone who could space the floor and complement the team's other frontcourt players. Unfortunately, any and all optimism went out the door as soon as the 30-year-old hit the floor.
In 46 appearances for Brooklyn, Bargnani averaged a career-low 6.6 points and 2.1 rebounds, shooting 45.5 percent from the field and a dreadful 18.8 percent from behind the arc.
Just days into his new gig, current general manager Sean Marks decided enough was enough and bought out the Italian seven-footer, making him eligible to be claimed by 29 other teams, as long as they have an open roster spot.