Boozer came to Chicago in a sign-and-trade deal with Utah in July 2010. The two-time All-Star averaged 15.5 points and nine rebounds in 280 games with the Bulls.
He had one season left on a five-year deal worth roughly $75 million. The amnesty clause allows a team to waive one player during the current labor deal and have 100 percent of his salary taken off the cap and the tax. The 6-foot-9 power forward is still owed the money.
''Carlos epitomized professionalism in everything he did for the Bulls both on the court, and in the community, during his time here in Chicago,'' general manager Gar Forman said in a release. ''Over the last four seasons, Carlos' productivity helped elevate our team to another level. I have nothing but respect for Carlos, and certainly wish him the best as he moves forward.''
The 32-year-old Boozer took to Twitter to thank the team for his four seasons with Chicago.
The Bulls also waived forward Lou Amundson and guards Ronnie Brewer and Mike James as they continue to clear salary-cap space for the signing of free-agent center Pau Gasol and the first NBA contract for 2011 draft pick Nikola Mirotic.
Chicago made two trades on Monday. It sent forward Anthony Randolph, two second-round draft picks and cash considerations to Orlando for the rights to Milovan Rakovic. It also traded forward Greg Smith to Dallas for the rights to Tadija Dragicevic.