McLeod, a fourth-year player from Bowling Green, signed as a free agent on July 11 after playing in Italy last season. He was unable to play during the preseason because of a right hamstring strain.
McLeod has played for Minnesota, Utah, Indiana and Golden State during his NBA career, averaging 5.5 points and 2.7 assists in 200 games.
Dallas is one under the 15-man limit, and coach Rick Carlisle said the Mavericks will consider signing a player.
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"We're looking at the waiver wire to see who'd be a good fit," Carlisle said. "But we may stay at 14."