Wright actually came over from the Buccaneers in the trade that sent Logan Mankins to Tampa Bay. New England received a 2015 fourth-round pick as part of this deal, which they used on DE Trey Flowers.
Wright, 25, still has one year remaining on his three-year, $1.485 million contract and stands to make a base salary of $585,000 for the 2015 season. After that, he would be a restricted free agent in 2016.
According to OverTheCap.com, releasing Wright will free up $585,000 in available cap space while creating no dead money.
Last year, appeared in all 16 games for the Patriots and caught 26 passes for 256 yards receiving and six touchdowns. Pro Football Focus has him down for playing 357 snaps last season.