Arroyo, who was profiled this week by Fox News Latino for his second career as a Reggaeton artist, was not at the team's practice.
The Heat said Pat Riley, the team's president, would make a statement about Arroyo's status later on Tuesday.
Arroyo averaged about 20 minutes per game and more than 5 points per game. But the 6-foot-2 guard, who was born in Fajardo, Puerto Rico, had fallen out of favor with the coaches.
He was benched in favor of Mario Chalmers earlier this season.
Meanwhile, the Heat were preparing themselves to add Bibby to their roster.
Forward LeBron James says the team will welcome Bibby "with open arms" once his signing becomes official.
Bibby was traded by Atlanta to Washington last week. The Wizards and Bibby reached a buyout agreement on Monday, and Bibby could be in uniform for the Heat as early as Thursday night's game against Orlando.
Based on reporting by The Associated Press.