The team will sign veteran power forward Quincy Acy to replace him, according to league sources.
Bennett was taken with the first pick in the 2013 NBA draft by the Cleveland Cavaliers as a 20-year-old out of UNLV. He played one season for the Cavs before being traded with 2014 No. 1 pick Andrew Wiggins to the Timberwolves in the three-team deal that brought Kevin Love to Cleveland.
Bennett was waived by the Timberwolves in September 2015, however. He signed with Toronto and played some in the NBA Development League and 19 games with the Raptors. He was waived by Toronto in March 2016.
Bennett appeared in 23 games this season for the Nets, averaging 5.0 points and 3.4 rebounds in 11.5 minutes per game. For his career, he has averaged 4.4 points and 3.1 rebounds per game.
Sources told ESPN.com that the Nets will soon sign Acy to a 10-day deal out of the D-League. Acy has been playing with the Texas Legends, who serve as the D-League affiliate for the Dallas Mavericks, after starting the season with the Mavs and playing in six games for his hometown team. Acy has also had NBA stints with Toronto, Sacramento (twice) and New York.