Sixers president Rod Thorn confirmed the move in an email to The Associated Press on Friday.
Brand was entering the final season of an $80 million, five-year contract. The amnesty clause allows a team to waive one player during the new labor deal and have 100 percent of his salary taken off the cap and the tax. Brand is still owed the money. Teams under the salary cap can now bid for Brand's services for next season.
Brand was a two-time All-Star when he spurned better offers and signed the free-agent contract with Philadelphia. He never fulfilled the expectations of the deal even though his last two seasons with the Sixers were solid ones.
The move came the same day the Sixers agreed to terms with free-agent guard Nick Young.