The Raptors waived Mykhailiuk on Monday, Shams Charania of The Athletic reports.
Mykhailiuk made 56 appearances for the Raptors last season and averaged 4.6 points and 1.6 rebounds across 12.8 minutes. He exercised his $1.9 million player option for the 2022-23 campaign, but Toronto opted to move on from the 2018 second-round pick. The Kansas product shot 40.4 percent from three while playing for Detroit during the 2019-20 season, but he shot a career-worst 30.6 percent last year. He'll likely garner at least some interest from teams in search of floor spacers with the hope that he can regain his 2019-20 form.