Hankerson will need to pass through waivers before he can sign on with a team of his choosing.
Hankerson, 26, signed a one-year, $1 million contract with the Falcons back in March. He’ll make a base salary of $745,000 this season and test the open market for the second straight offseason.
The Falcons placed him on injured reserve a few weeks ago to make room for WR/KR Devin Hester, who was activated from short-term injured reserve.
His 2015 season ends with him appearing in eight games and recorded 26 receptions for 327 yards receiving and three touchdowns for the Falcons.