Vaccaro was a first-round pick by the Saints in the 2013 draft and is in his second year in the NFL.
After starting 14 games for New Orleans last season, the 23-year-old has started all 13 in 2014. He's made 67 tackles and has one sack, two interceptions and five passes defended this season.
After the Saints dropped to 5-8 on the season with a 41-10 loss to the Carolina Panthers on Sunday, New Orleans coach Sean Payton promised changes to the team and "met with at least 10 veterans for review."
On Tuesday, New Orleans waived wide receiver Joseph Morgan. Morgan has four catches for 92 yards on the season.
The Saints play the Chicago Bears on Monday.
- Molly Geary