The Denver Nuggets announced Tuesday they are parting ways with veteran sharpshooter Mike Miller.

The team took to Twitter to announce the news.

Miller spent two seasons with the Nuggets, taking on more of a mentorship role than that of a major player on the court.

He only saw the floor in 67 games with Denver, averaging just 1.4 points per game in that time.

However, as a two-time NBA champion on a roster full of young players, Miller was valued in the clubhouse as a leader on and off the court.

By waiving Miller, Denver saves $3.5 million that the team would have had to pay him in the upcoming season.

Known around the league for his 3-point shooting, the 37-year-old Miller had his best years with the Memphis Grizzlies in the mid 2000's. There, he averaged up to 18.5 points per game in his highest-scoring season in '06-'07.

He then helped the Miami Heat win back-to-back NBA titles in 2011-12 and 2012-13, serving as a very reliable spot-up shooter in both postseason runs.