Fowler was set to count $18.541 million against the Falcons’ salary cap this season.
Fowler, 26, is a former first-round pick of the Jaguars back in 2015. He was traded to the Rams a few years ago for a 2019 third-round pick and a 2020 fifth-round pick.
Fowler played out the final year of his four-year, $23.5 million rookie contract and returned to the Rams last year on a one-year contract worth $14 million. The Falcons signed him to a three-year, $48 million contract last year.
In 2020, Fowler appeared in 14 games for the Falcons and recorded 23 tackles, three sacks, a forced fumble and a pass defense.