Camby, 39, was acquired by the Raptors on July 10 from the New York Knicks along with Quentin Richardson, Steve Novak, a first-round draft pick and two second-round picks in exchange for Andrea Bargnani.
The Raptors selected Camby with the second-overall pick in the 1996 NBA Draft and the Hartford native spent the first two years of his career in Toronto.
It was not expected that Camby would suit up for the Raptors again, as the 6-foot-11 University of Massachusetts alumnus stated his desire to play for a contender.
The Los Angeles Clippers, Houston Rockets and Chicago Bulls are reportedly interested in Camby’s services.
On Tuesday evening, the Raptors used an amnesty provision to buy out forward Linas Kleiza, who was scheduled to earn $4.6 million in the final year of his contract.