There has been speculation for awhile now that Burnett could be expendable now that the Raiders have added some depth at linebacker.
Burnett, 31, signed a two-year deal worth $5.25 million, which included a $1.285 million signing bonus back in March of last year.
The Raiders will save $3.5 million in cap space following this move, according to OverTheCap.com.
Last season, Burnett recorded 103 tackles, 2.5 sacks, an interceptions, three forced fumbles and a recovery over the course of 16 games. Pro Football Focus has him rated as the No. 24 outside linebacker in a 4-3 system out of 35 qualifying players.