Lanning, 27, originally signed on with the Bears as an undrafted free agent out of back in 2011. He spent just a few months in Chicago before he was waived at the start of the 2011 season. Since then, Lanning has played for the Jaguars, Jets, and Browns.
Cleveland signed him to a exclusive rights contract back in March, which would have paid him a base salary of $585,000 for the 2015 season.
According to OverTheCap.com, releasing Lanning will free up $585,000 in available cap space while creating in dead money.
In 2014, Lanning appeared in all 16 games for the Browns and totaled 3,824 yards punting and 10 touchbacks.