Richardson first came to the Raptors at the trade deadline last year in a swap that saw former first-round pick Bruno Caboclo head to the Sacramento Kings.
Over the course of his time with the Raptors, Richardson only got in 23 games with the club, seeing less than five minutes of floor time per game.
Preldzic is a 31-year-old Turkish forward who was originally selected in the second round of the 2009 draft by the Phoenix Suns. The Raptors ended up with his draft rights in their July 2017 trade with Indiana that saw them deal Cory Joseph to the Pacers.
This move by Toronto will save them some extra money on their luxury-tax bill at the end of the season and also opens up a roster spot, giving them two open spots with which to add to this season by either Thursday’s 3:00 p.m. ET trade deadline or in the buyout market.