Putz was designated for assignment last week and can now sign with any team as a free agent. Arizona, who has the National League's worst record at 33-48, still has to pay Putz the remainder of his $7 million salary.
Putz, who was once the team's closer, has a 1-1 record this season, with a 6.59 ERA in 18 appearances.
He was an effective reliever before this year, recording 77 saves in his first two seasons with the team. Diamondback relievers have a 3.82 ERA this season, good for 13th in the 15-team NL.
The beginning of the end for Putz in Arizona came this month, with him posting a 9.82 ERA in five appearances, including giving up three earned runs in one inning of work in a 9-3 loss to the Milwaukee Brewers on June 16.