Hamilton had a very successful nine-season stint with Detroit (2002-2011), helping the team make six consecutive trips to the Eastern Conference Finals (2003-2008), two trips to the NBA Finals (2004, 2005) and an NBA Championship in 2004.
"We thank Richard Hamilton for his time here with the Pistons organization," said president of basketball operations Joe Dumars. "Rip was a champion with us and a big part of our success over the last nine years. We wish him all the best in the future."
The 33-year-old Connecticut product averaged 14.1 points, 2.3 rebounds and 3.1 assists in 55 games (39 starts) last season.
Hamilton is one of six players in Pistons franchise history to reach the 11,000-point plateau and one of five players to score 50-plus points in a game. He led the team in scoring for eight of his nine seasons.
In 631 games as a Piston, he averaged 18.4 points, 3.4 rebounds and 3.8 assists.
Hamilton has averaged 17.7 points, 3.2 rebounds, 3.5 assists in 843 career games (710 starts) with Washington and Detroit.