Jackson, an 11-year NFL veteran, spent the last two seasons in Atlanta after playing his first nine with the St. Louis Rams. Last season, he had 190 carries for 707 yards and six touchdowns in 15 games.
Over his two years with the Falcons, the 31-year-old totaled 1,250 rushing yards and 12 rushing touchdowns. He also had one receiving touchdown.
Jackson released a statement on his website, thanking the Falcons and owner Arthur Blank.
"Mr. Blank is one of the classiest owners I've been lucky enough to meet, and I feel fortunate to have played for him. I was also fortunate enough to make some tremendous new friends while I was there, and I'll continue to be a big brother to everyone I shared the backfield with," Jackson said.
While with the Rams, Jackson ran for eight straight 1,000-plus yard seasons from 2005 to 2012. In 2006, he ran for a career-high 1,528 yards and 13 touchdowns. He is the franchise's all-time leading rusher and a three-time Pro Bowler.
"Make no mistake: I can still punish a defense. I still have a warrior's heart. There are 1,000-yard seasons left in these legs. I know what I am still capable of, and I have every intention of proving it." he said.
Jackson signed a three-year contract with the Falcons in March 2013 and says he believe he can still be a productive back in the NFL.
- Molly Geary and Scooby Axson