The 31-year-old Mashburn also said he's considering retirement. He has one year remaining on his contract.
The former All-Star forward was the Hornets' leading scorer in 2002-2003, averaging 21.6 points per game. His final game this season was March 7 against Toronto.
His relationship with some teammates and coach Tim Floyd has been strained, in part because he chose to rehabilitate from knee surgery last offseason in Miami. Floyd had little comment in the wake of Mashburn's departure.
"At this point, we're talking about the playoffs," Floyd said. "And that's really where our entire focus is."
He accompanied the team to Miami, where he has a home, for the Hornets' first-round series against the Heat. He played for the Heat from 1997 to 2000.
Miami leads the series 1-0, with Game 2 on Wednesday.
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