The Bulls also waived forward Lou Amundson and guards Ronnie Brewer and Mike James on Tuesday. They are clearing salary-cap space to make room for the signing of free-agent center Pau Gasol and the first NBA contract for 2011 draft pick Nikola Mirotic.
Boozer came to the Bulls in a sign-and-trade deal with the Utah Jazz in July 2010. He had one season left on a five-year deal worth roughly $75 million.
The amnesty clause allows a team to waive one player during the current labor deal and have 100 percent of his salary taken off the cap and the tax. Boozer is still owed the money.