The news was first reported by USA Today's Sam Amick.
The 76ers acquired McGee from the Denver Nuggets at the trading deadline. The Nuggets also surrendered a first-round pick in the deal, which is one of two first-rounders the Cleveland Cavaliers sent to the Nuggets in January for center Timofey Mozgov.
Any player waived by the March 1 deadline is eligible to sign with playoff teams. McGee still has to clear waivers.
McGee, 27, will not have to give up any of his $12 million due next season or the remainder of the $11.25 million he is owed for the rest of this season.
He played in six games for the 76ers, averaging three points and 2.2 rebounds a game. For the season, he is averaging 4.6 points and 2.7 rebounds in 23 games this season.
- Scooby Axson