Ian Rapoport of NFL Media previously reported that the Saints were in the process of fielding trade offers for Lofton, but was unlikely that they were going to find any interest.
Lofton, 28, had three years remaining on his five-year, $27.5 million contract that included $7.8 million guaranteed. He stands to make base salaries of $2.65 million (2015), $5.65 million (2016), and $6 million (2017).
According to OverTheCap.com, releasing Lofton will free up $4.25 million in available caps space while creating $5 million in dead money.
In 2014, Lofton recorded 145 tackles, one forced fumble and a recovery over the course of 16 games for New Orleans. Pro Football Focus has Lofton rated as the No. 57 inside linebacker out of 60 qualifying players last year.