Paredes has been on the disabled list all season with a sprained left wrist he suffered in spring training when he dove to try to catch a ball in right field.
The Orioles had to make a roster move with Paredes after his rehab assignment ended on Sunday and chose to place him on waivers instead of activating him to the 25-man roster.
He hit .308 with two home runs during his rehab in the minors, which started on April 26. He played third base, left field and right field.
The 27-year-old Dominican batted .275 with 10 home runs and 42 RBIs last season in 104 games for the Orioles.