Perkins was signed by the team on the final day of the regular season and did not play a single minute in the 2018 postseason.
Perkins was a member of the Cavs team that made the 2015 NBA Finals and was back with them for training camp this fall, before being released during the preseason. He played part of the season for the Canton Charge, the Cavs' G League affiliate.
Perkins, 33, won a championship with the Boston Celtics in 2008 and was part of three other Finals teams in Boston, Oklahoma City and Cleveland.
His last NBA action before this season came during the 2015-16 season, when he averaged 2.8 points and 3.5 rebounds for the New Orleans Pelicans in 37 games.
The Cavs added Perkins more for the veteran leadership he could provide to the Cavs' locker room and less for his on-court contributions, league sources told ESPN in April.