if you cannot meet the performance for your boss, you won't get
Your manager indeed gives your opportunity to leave without record. But other team will find out anyway if you apply for an internal transfer. If your performance is not related to your skill, you can choose participating performance improvement program, which is good you. And if you improve yourself, your manager should like you since you are your boss's credit for developing his staff. But, if you lack the skill for your current job, you might quit on your own and find a job that suits to you, since PIP won't help you.