The Cardinals also waived LB Terrance Smith with an injury settlement.
Dennard, 29, was taken with the No. 24 overall pick by the Bengals back in 2014. He played out the final year of his four-year, $7.978 million contract before the Bengals picked up his fifth-year option for the 2018 season.
Dennard made $8,526,000 million in 2018 before returning to the Bengals on a one year, $4.5 million contract in 2019. After a deal with the Jaguars fell through, Dennard signed a one-year deal with the Falcons for 2020.
The Cardinals signed Dennard to a contract in June.
In 2020, Dennard appeared in eight games for the Falcons and recorded 36 total tackles, one interception and five pass defenses.