Webb has been a depth option at corner for much of his career and signed on with the Bengals last year in free agency.
Per Over The Cap, releasing Webb frees up about $3.6 million in cap space while incurring $1 million in dead money.
Webb, 29, is a former fourth-round pick of the Cowboys back in 2013. He lasted just over a year in Dallas before he was waived and later claimed by the Steelers.
Since then, Webb has played for a number teams including the Titans, Saints, Bears, Browns and Giants before the Bengals signed him to a three-year contract in 2019.
In 2019, Webb appeared in 15 games for the Bengals and recorded 37 tackles, an interception and seven pass defenses.