Smith played in just 11 games in 2018-19 before he agreed to part ways with the Cavaliers and sat out the rest of the season.
Smith will count $1.4 million against the salary cap of the Cavaliers this season.
Talks of trading Smith began shortly after he was asked to leave the team in November, when the Cavs considered him a trade asset.
Smith, 33, has an extremely favorable contract for 2019-20, with only a fraction of his deal guaranteed, making him an attractive trade piece. Once the Cavaliers made a decision to begin the rebuilding process part way through the 2018-2019 season, Smith's playing time would be eliminated.
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The J.R. Smith era in Cleveland is reportedly going to come to an end today, according to Cavs insider Joe Vardon. But ESPN's Adrian Wojnarowski has called the Lakers "an unlikely destination" for Smith. Smith will be on waivers until Wednesday and then becomes an unrestricted free agent.
For his career, Smith is a 37.3 per cent three-point shooter.
Despite Smith leaving, things were amicable enough between the two sides to get him to agree to push back his guarantee date for the next season to help the Cavs find a trade.
The league's Sixth Man of the Year in 2012-13, Smith has averaged 12.5 points and 3.2 rebounds in 971 career games (395 starts) with New Orleans (2004-06), Denver (2006-11), NY (2011-15) and Cleveland.