Weigh has been placed on the NBL's free agency list following three years with Perth.
The 24-year-old spent helped the club win the 2009/10 title, averaging 10.8 points and 3.1 rebounds per game that season.
"If we hire on character first, then Stevie is arguably one of our finest," Wildcats chief executive Nick Marvin said.
"Over the past three years, he has been a role model, not just to those outside our organisation, but to myself and those inside it.
"He was our youngest player until this year, but was wise and mature beyond his years.
"His reasons for leaving are personal and not to do with the club, the coaches, the team, the administration or the salary."
Former Seattle, Charlotte and Memphis NBA forward Andre Brown has already left the club, returning to Chicago after the Wildcats' decision not to offer him a deal for next season.
Perth was hopeful US import Kevin Lisch, who also went onto the free agency list on Friday, would play out another season with the Wildcats.
- AAP
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