The 31-year-old Jennings had a guaranteed base salary of $4.4 million this year.
Jennings led the NFL with nine interceptions in 2012 and had four in 2013, earning Pro Bowl honors in both seasons. He started all 16 games last season and had arthroscopic knee surgery in the offseason.
The Bears also moved Kevin White, the wide receiver from West Virginia drafted in the first round, to the reserve/physically-unable-to-perform list because of a stress fracture in his left shin; waived tight ends Kevin Greene and Chris Pantale, wide receivers Jeremy Kelley, Levi Norwood and John Chiles, safety Malcolm Bronson, cornerback Al Louis-Jean, offensive tackle Cameron Jefferson, defensive end Olsen Pierre, and long snapper Rick Lovato; and terminated running back Daniel Thomas' contract.
The moves cut the roster to 76.