Mays, 25, is a former second-round pick of the 49ers back in 2010. He lasted just over year in San Francisco before he was traded to the Bengals.
After four years with the Bengals, Mays signed a one-year contract with the Raiders last year. However, the Bengals elected to re-sign him to a one-year, $840,000 contract back in March.
According to OverTheCap.com, releasing Mays will free up $855,000 in available cap space while creating $25,000 in dead money.
In 2015, Mays appeared in 14 games and recorded 26 tackles and five pass defenses for the Raiders. Pro Football Focus has him rated as the No. 63 safety out of 88 qualifying players.