The forward was due to earn $4 million in the second and last year of his contract. The Ducks will buy out that final season for $2.6 million.
Bertuzzi was to clear waivers on Saturday morning unless he is claimed, Ducks spokesman Alex Gilchrist said.
The move allows the Ducks to make room under the salary cap for, among other things, trying to re-sign restricted free agent Corey Perry, Gilchrist said.
"Todd Bertuzzi is a quality person who we believe can still play at the NHL level," Ducks general manager Brian Burke said in a statement. "Unfortunately, we are handcuffed by our salary cap situation. We thank him for his efforts last year and wish him the best of luck in the future."
The 33-year-old Bertuzzi signed with Anaheim last summer and had 40 points in 68 games.