Tuesday was the deadline for NBA teams to use the amnesty rule, which allows teams to remove the waived player's salary from their salary caps. The waived player, however, still is paid the money left on his contract.
The 6-foot-8 Kleiza, 28, had recently exercised his $4.6 million player option for next season. He will become a free agent if he is not claimed on waivers.
"We thank Linas for his contributions as a Raptor and wish him all the best," Raptors general manager Masai Ujiri said in a statement.
Kleiza played in 108 games for the Raptors after signing a multiyear contract in 2010. In 20 games last season, he averaged 7.4 points and 2.6 rebounds.