Fisher, who won five championship rings playing alongside Kobe Bryant with the Lakers, joined the Mavericks in late November. He started nine games, averaging 8.6 points and 3.6 assists while shooting 43.5% from three-point range (but just 35.4% overall).
Marc Stein of ESPN.com, who first broke the story, writes that Fisher's release was at his request, something that was in the works before Fisher strained his patellar tendon.
"In Tuesday's game against Philadelphia, I suffered an injury to my patellar tendon. The recovery time will be approximately two weeks," said Fisher in a statement to ESPN. "With this news and the difficulty I have been having being away from my family, I have asked the organization to waive me so I can return home."
The Mavericks haven't had much success with former Lakers after a failed experiment last year with Lamar Odom.
They'll apparently take another crack, bringing in Chris Douglas-Roberts (according to Stein), who went to training camp with the Lakers in October.
Even if Fisher's knee is sound, it's questionable whether the Lakers will entertain signing him. The team explored point-guard options while Steve Nash was out because of a leg injury, but Nash is expected to return Saturday night against the Golden State Warriors.ALSO: