Ginn, 29, signed a three-year, $9.75 million contract with the Cardinals that included $5.25 million guaranteed. He still has two years remaining on the agreement and would have made base salaries of $3.25 million in 2015 and 2016.
According to OverTheCap.com, releasing Ginn frees up $2.5 million in cap space for the Cardinals while creating $1.5 million dead money.
In 2014, Ginn appeared in all 16 games for the Cardinals and caught 14 passes for 190 yards receiving to go along with 694 total kick and punt return yards and a touchdown.
It will be interesting to see if a team like the Panthers shows interest in him over the few weeks, seeing as he had a good amount of success in Carolina before joining the Cardinals last year.