He has appeared in 18 games this season, averaging two points and 1.9 rebounds while playing 4.8 minutes.
The Lakers received a conditional second-round pick in 2013 from the Grizzlies.
The 29-year-old Mihm was in his fifth year with the Lakers. His best season was in 2005-06, when he averaged 10.2 points and 6.3 rebounds.
His career was interrupted by an ankle injury that required reconstructive surgery and sidelined him for the 2006-07 season.
"The last two years have been difficult and frustrating for Chris in coming back from his ankle injury," Lakers general manager Mitch Kupchak said. "But Chris has handled himself with true professionalism the entire time. With the depth of our roster, especially at the center position, Chris has not had the opportunity to play that he deserves."