There has been talk that the Seahawks could target Broncos free agent TE Julius Thomas in the coming days, which implied that Miller could be on the outs in Seattle.
Miller, 29, has one year remaining on his five-year, $34 million contract that included $17 million. He would have made a base salary of $2.8 million for the 2015 season.
According to OverTheCap.com, releasing Miller will free up $2,390,625 in cap space while creating $1,000,000 in dead money.
In 2014, Miller was limited to appearing in three games due to an ankle injury and caught just six passes for 76 yards receiving.