Peterman tried out for the Lions a few weeks ago but left Detroit without a deal.
Peterman, 24, was taken in the fifth-round of last year’s draft by the Bills. He signed a four-year, $2.63 million contract and stands to make a base salary of $555,000 for the 2018 season.
The Bills made the decision to finally move on from Peterman last Tuesday.
In 2018, Peterman has appeared in four games for the Bills and completed 54.3 percent of his passes for 296 yards, one touchdown and seven interceptions. He also rushed for 50 yards and touchdown.