Newman is now a free agent and free to sign with a team of his choosing.
Newman, 23, wound up going undrafted out of Wake Forest a few months ago. He later signed a rookie contract with the Eagles.
Newman was a one-year starter at Wake Forest and earned an honorable mention for All-ACC in 2019. He opted out of the 2020 season.
Philadelphia waived Newman on Wednesday.
During his three-year college career at Wake Forest, Newman completed 60.5 percent of his pass attempts for 3,959 yards, 35 touchdowns, and 16 interceptions. He also rushed 245 times for 826 yards and 10 touchdowns in 20 career games.