The Orlando Magic have parted ways with long-time point guard Jameer Nelson.

Magic General Manager Rob Hennigan announced Monday the team released the 32-year old veteran guard, clearing more than $6 million in cap space. Nelson was due $8 million in 2014-2015, the final year of the 3-year, $25.2 million extension he signed in 2012.

Nelson, who spent his entire 10-year career with Orlando, will become an unrestriced free agent, and is expected to draw attention from a number of teams.

"I appreciate the opportunity the Orlando Magic has afforded me and my family over the past ten years," Nelson said in a release.  "I'd like to thank the DeVos family, team management, and all the coaches that have provided me guidance, mentoring, and the ability to play the game that I love in the town that I love."

"I'd also like to give sincere and special thanks to the great Magic fans.  You have loyally supported me since my first day in Orlando and have always been there for me and my family.  You made it easy for us to adopt Orlando as our second home and we will miss you."

"All good things must come to an end, however, and it's time to move on.  I look forward to continuing my career as an NBA player and will never take for granted my time in Orlando."

The Magic's all-time leader in assists, Nelson played in 651 regular-season games, averaging 12.6 ppg, 5.4 apg and 3.1 rpg. In 44 playoff games, Nelson averaged 15.0 ppg and 4.6 apg. He was named an NBA All-Star in 2009.

By waiving Nelson before July 16, the Magic are only due to pay him $2 million of his expected salary this season.

The Magic acquired former Louisiana-Lafayette point guard Elfrid Payton in a draft-night trade on Thursday, while also selecting power forward Aaron Gordon, of Arizona, in the first round.

“Jameer (Nelson) is the ultimate professional," Hennigan said in a release. "We truly thank him for his contributions to the organization, both on the court and in the community, during the last decade.  He will always be a member of the Magic family."