Hunt, 32, is a former second-round pick of the Bengals back in 2013. He played out his four-year, $3,671,100 rookie contract with the Bengals before agreeing to a two-year contract with the Colts for the 2017 season.
Hunt returned to the Colts last year on a two-year, $9 million contract.
According to OverTheCap.com, releasing Hunt will free up $4 million of available cap space while creating no dead money.
In 2019, Hunt appeared in all 16 games for the Colts and recorded 17 tackles and no sacks.