Gordon is in the final season of a five-year, $55 million contract.
Once a buyout is completed and Gordon clears waivers, he'll become a free agent.
Charlotte had discussed including Gordon in several trades before the deadline, but none came together. The Bobcats made a deal with Milwaukee to strengthen their backcourt with Gary Neal and Luke Ridnour.
Gordon, 30, has played sparingly in the Bobcats' rotation, averaging 5.3 points in 18 appearances this season. Gordon has averaged 15.6 points in his 10-year career, but his production has dropped dramatically since leaving the Chicago Bulls as a free agent in 2009.
Under first-year coach Steve Clifford, the Bobcats have been the surprise of the Eastern Conference. They're holding on to the eighth seed in the conference playoff chase.