The Bobcats also waived rookie center Matt Rogers on Thursday to get to the regular-season limit of 15 players.
The Bobcats signed Miles to a non-guaranteed contract last month after he spent the summer working out with the team. The 29-year-old Miles has played sparingly since microfracture knee surgery in 2006 and has also had legal problems.
Miles averaged 3.6 points and 2.6 rebounds in seven exhibition games with Charlotte.
The 6-foot-11 Rogers played briefly in three games for the Bobcats after going undrafted out of Division II Southwest Baptist.