Securing his release before Monday's midnight deadline means Blount will be able to play for someone else in the playoffs, if he can find a new job. Players currently on NBA rosters must be released by midnight in order to retain their playoff eligibility for another team.
Blount and the Timberwolves mutually agreed during the preseason that he would not join the team -- after being reacquired in an August deal with Miami for Quentin Richardson -- while Minnesota attempted to find a new home for Blount via trade.
Team president David Kahn has maintained all season that he would keep Blount through the trade deadline in case he needed his $8 million expiring contract to help facilitate a deal. But the deadline passed Feb. 18 with Blount still on Minnesota's roster.
The 7-foot center has played in 605 games during his nine-year NBA career. He spent parts of 2005-06 and 2006-07 in Minnesota, where he averaged 11.6 points and 5.7 rebounds in 124 games.
Blount has also played for Boston and Denver.
Marc Stein is a senior NBA writer for ESPN.com. Information from The Associated Press contributed to this report.