According to ESPN, the Sixers declined to pick up Okafor's fourth-year option on Tuesday, which will make him an unrestricted free agent at the end of this season.
Okafor has had a less than stellar career thus far, averaging 14.7 points and 6 rebounds in his three-years with the 76ers.
Okafor has played just one game this season, logging 22 minutes, and played just 12 games after the All-Star break last season as he's fallen out of favor with the Sixers. "But Bryan didn't think that would be a good idea because he said then they would be giving me away to a team for free, but that's pretty much where we stand right now".
"I'm unsure if I'm still on the team", he told Jordan Brenner of SB Nation earlier in October. "I had a talk with Bryan about that [Tuesday], just because I want to play".
The Inquirer reported that Colangelo declined to comment, but Okafor said Colangelo is the only front-office person he spoke to about a buyout.
"It could be a buyout, it could be a trade, I just want something to happen rather quickly", Okafor said.
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As well, Stein reports that Okafor is convinced workable trades for him have been on the table with the 76ers.
"Honestly, I did not want them to pick up my option", Okafor said at the team's shootaround Wednesday. "I've been going through a lot since I've been here, so the fact that I know that at the end of the season that I'll at least have an opportunity to play elsewhere, that's great".
Okafor also believes that the team waited too long to try and move him in a trade.
Last season, he found himself in a logjam at center, with the emergence of Embiid as a burgeoning superstar and both Holmes and Nerlens Noel on the roster (though Noel would eventually be traded).
Still, Okafor said he wants to either be bought out or to be traded.