This move comes less than 24 hours after the Vikings traded a fifth-round pick to the Dolphins for WR Mike Wallace and a seventh-round pick.
As soon as the deal was reported, speculation began circulating that Jennings was likely to be a cap casualty.
Jennings, 31, signed a five-year, $45 million contract with the Vikings back in 2013 that included $17.8 million guaranteed. He had base salaries of $8.9 million coming his way in each of the next three years.
According to OverTheCap.com, releasing will free up $5 million in cap space next year while also create $6 million in dead money.
Last year, Jennings appeared in all 16 games for the Vikings and caught 59 receptions for 742 yards receiving and six touchdowns. Pro Football Focus has him rated as the N0. 48 receiver out of 110 qualifying players.