Nocioni was with the 76ers for Friday night's 84-78 loss to Miami, but did not play.
According to the team, Nocioni is still on the active roster, but the team is allowing him to explore other options.
"His official status is that I don't know if the paperwork is done, but we've worked out a deal with him to allow him to either go on with another team maybe, or if not, I talked to him last night, go to Argentina and get ready for the Olympics," 76ers coach Doug Collins said.
Nocioni last played on March 7 against Boston when he scored one point. He has not played the past four games. Nocioni is in his eighth year in the league.
"When we brought Noch in we really thought we were going to play him a lot and it just didn't work out," Collins said.