The Nets also gave away swingman Bernard Robinson and cash considerations to open up two roster spots for which they have no immediate plans to fill.
A second-round selection in the 2005 draft, Ilic appeared in five games as a rookie in 2006-07, getting one rebound in six minutes. He also appeared in nine games with the Colorado 14ers of the NBA Development League, averaging 5.2 points, 4.0 rebounds and 1.78 blocks.
"In Mile's case, obviously, he's happy," Nets coach Lawrence Frank said. "There was no opportunity for him to play here and that's a credit to the other guys here. I think with Bernard, he was coming around, but the way we looked at it was it was a way to create roster flexibility down the line."
The Nets have told Wesley not to report and the team will eat the guaranteed portion of his $1.75 million contract, general manager Ed Stefanski said. The team will waive Wesley at some point, he added.