Nicks, 29, played six seasons with the New Orleans Saints and Buccaneers.
The 6-foot-5, 343-pound offensive tackle signed a five-year, $47.5 million contract with $31 million guaranteed in March 2012.
Nicks' cap hit for 2014 will be $5.375 million.
Nicks appeared in just nine games over the past two seasons while being hampered by a toe injury and a MRSA infection.
The lineman earned Pro Bowl honors in 2010 and 2011 and made the All-Pro first team in 2011.
- Chris Johnson