However, Montgomery, 33, said she will give the tournament a pass and instead focus on fuelling the Black Lives Matter movement.
"If I go into the WNBA season, I know I won’t be able to give 100%, and that’s not fair to my coaches and team mates," the two-times WNBA champion wrote in the Players' Tribune.
"I know that if I did go into the 'bubble' who knows what it’s going to look like in four months, as far as the movement is concerned? I just want to make sure that I’m fuelling the movement.
"As I’m writing this, I'm like, 'did I really just opt out of the season?' I’m as shocked as everyone else."
Montgomery, who started a foundation last year to help impact the lives of people through sports, said she hopes to return to basketball once she's made a positive change in the community.
"My heart is telling me that I have a different mission right now that I have to see through," she added.
Dream coach Nicki Collen said she supported Montgomery's decision.
"While I am saddened Renee will not be in a Dream uniform this summer, I am proud of her passion for her foundation... and her chance to impact the BLM movement with her platform as a WNBA athlete," Collen told ESPN. (Reporting by Arvind Sriram in Bengaluru, editing by Pritha Sarkar)