Parker, 30, originally signed on with the Seahawks as an undrafted free agent out of Newberry back in 2011. He spent two years in Seattle before signing on with the Chiefs for the 2013 season.
Parker was in the fourth year of his five-year, $25 million contract that included $8 million guaranteed and set to make base salaries of $5.65 million and $6.15 million over the final two years of the agreement.
According to OverTheCap.com, releasing Parker will free up $4,984,375 of available cap space while creating $2 million in dead money.
In 2017, Parker appeared in 15 games for the Chiefs and recorded 67 tackles, two interceptions, two fumble recoveries and four pass defenses. Pro Football Focus has him rated as the No. 84 safety out of 87 qualifying players.