The Grizzlies will waive Howard, according to a league source. It is possible there is no longer a marketplace of teams interested in signing the former All-NBA center.
The deal will save Memphis $3.1 million in salary-cap space.
Howard, 33, played only nine games for the Wizards last season because of a back injury. In the 2017-18 season, he averaged 16.6 points and 12.5 rebounds in 30.4 minutes per game for the Charlotte Hornets.