Pascoe, 30, is a former sixth-round pick of the 49ers back in 2009. He spent a number of year with the Giants before signing a one-year contract with the Falcons last year.
The Bears elected to sign him to a one-year contract last year, but he was unfortunately among their final roster cuts. The Lions later signed him to a contract in December and he wound up finishing out the year in Detroit.
Pascoe caught on with the Patriots close to a month ago, so his stay in New England was obviously short-lived.
According to OverTheCap.com, releasing Pascoe will free up $600,000 in available cap space while creating no dead money.
In 2015, Pascoe appeared in three games for the Lions, but did post a single statistic.