Gasol, 39, has been unable to successfully rehab his left foot following surgery.
Gasol said the Blazers are working on details of a coaching role for the future Hall of Famer. Gasol has two championships and six All-Star appearances in his 18 NBA seasons. He is remaining in Portland to rehab.
He signed with the Milwaukee Bucks after a buyout with the San Antonio Spurs last season but played only three games with Milwaukee before a season-ending foot injury. Gasol finished the campaign having played just 30 games, averaging a career-low 3.9 points and 4.6 rebounds.
Gasol signed a one-year deal with the Blazers in July.