Releasing Jerebko allows the Jazz to shed his $4.2-million non-guaranteed salary for 2018-19, which had a July 9 trigger date.
In his lone season in Utah, Jerebko averaged 5.8 points and 3.3 rebounds across 74 games as a stretch big off the bench. He shot 41.4 percent from 3-point range and posted a career-best 58.6 true shooting percentage.
The 31-year-old is set to become an unrestricted free agent. The Golden State Warriors and Jerebko have "strong mutual interest," sources told ESPN's Adrian Wojnarowski.
The Warriors can sign him once he clears waivers in 48 hours.