New York placed Henderson on the reserve/non-football injury list due to illness back in October and he never returned to their active roster.
Henderson, 30, originally signed on with the Vikings as an undrafted free agent back in 2008. He spent six years in Minnesota before signing on with the Jets as an unrestricted free agent in 2015.
The Jets signed him to a two-year, $5 million contract that included $750,000 guaranteed back in March.
According to OverTheCap.com, releasing Henderson will free up $2,578,125 in available cap space.
In 2016, Henderson appeared in five games for the Jets and recorded 21 total tackles.