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Orlando Magic opt to save cap space in waiving veteran Jameer Nelson

The Orlando Magic have waived veteran guard Jameer Nelson.

The move, announced on Monday, ends the run of the Magic's longest-tenured player at 10 seasons.

Nelson was selected by Denver 20th overall in the first round of the 2004 draft, but was acquired by Orlando in exchange for a future first round pick on draft night.

He played in 651 regular season games in Orlando with 556 starts, averaging 12.6 points and 5.4 assists, and posting one All-Star season in 2009.

Nelson was entering the final year of a three-year contract, but had only $2 million of the $8 million remaining guaranteed. By waiving Nelson before July 16 the Magic are saving valued salary cap space.

He could re-sign with the Magic, but he's expected to garner free agency interest.