Orlando Magic released guard Gilbert Arenas on Friday according to the National Basketball Association's new Collective Bargaining Agreement amnesty provision.

It allows every team a one-time provision to waive a player's remaining contract from the salary cap and luxury tax.

Arenas, who was traded to the Magic by the Washington Wizards for Rashard Lewis last season with a 111 million U.S. dollars six-year deal, has 62 million dollars left on the final three years of his contract.

The guard has played in 535 career NBA games with Golden State, Washington and Orlando, averaging 21.2 points, 5.4 assists and 4.0 rebounds a game.

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