Cavaliers owner Gordon Gund cited low attendance for the decision, saying he could not find a way to make the team profitable.
He stated: "I have invested in it now for seven years trying to find a business model for it to work in our marketplace. The fans we had were very enthusiastic and very supportive. We just didn't have enough."
The WNBA will attempt to find a new owner for the Rockers, - a move which could see the team either remain in Cleveland or be moved.
Commented WNBA spokesman Tracy Cook: "We do have some potential owners who are interested in a WNBA franchise. We would have to see whether the Rockers are the right fit for them."
The Rockers ranked 10th out of the 14 WBNA teams this season with an average attendance of 7,400 playing in 20,000-seat Gund Arena.
The WNBA has stated that it will play with no fewer than 13 teams next season regardless of what happens to the Rockers.
Connecticut is the only WNBA team not affiliated with an NBA club.
NBA franchise the Cleveland Caveliers has ended its affiliation with WNBA counterpart the Cleveland Rockers, placing the latter team's future in serious doubt.
