Parker, a 6-foot-4 guard, played in only nine games for the Heat this season, averaging 4.8 points, 1.7 assists and 2.1 rebounds. He had been on paid leave since an incident Nov. 27 with a Miami valet parking attendant.
Before signing with the Heat, Parker played two seasons for the Los Angeles Lakers, appearing in all 82 games both years, starting all but two of 164 games, and averaging 11.3 points. He has averaged 9.2 points, 2.8 assists and 2.5 rebounds in 255 career games.
Parker also has played for the Cleveland Cavaliers, Detroit Pistons and Phoenix Suns. He left Fordham in 2002 after his sophomore year and wasn't chosen in the NBA draft.