Kleiza exercised a player option in his Raptors contract to make $4.6 million next season.
The report says the Raptors decided Monday to amnesty Kleiza to save the team from a luxury-tax hit. The team still has to pay Kleiza's salary for next season even though it won't count against the team's salary cap.
Kleiza becomes an unrestricted free agent if no team picks him up on the waiver wire.
Kleiza averaged 7.4 points and 2.6 rebounds in 20 games last season while being slowed by a knee injury and hasn't played in an NBA game since Dec. 28, 2012.