Arrington has spent most of his six-year career with New England after going undrafted out of Hofstra in 2008. Between 2010 and 2013, he started 52 regular-season games and appeared in 64. In 2011, he led the NFL with seven interceptions.
Last season, Arrington recorded 49 total tackles, four passes defended and two forced fumbles.
Arrington was set to earn $3 million this season with a cap hit of $4.625 million. The report says that there remains a possibility that Arrington could rejoin New England.
Arrington's release comes after the Patriots lost two of their top corners from last season in free agency. Darrelle Revis signed with the New York Jets, and Brandon Browner signed with the New Orleans Saints.
New England ranked 16th in the NFL in passing defense last season.