The Packers also waived OLB Randy Ramsey with an injury designation.
King, 25, is a former second-round pick of the Packers back in 2017 after they elected to trade down with the Saints. For moving back a few spots, the Packers picked up an additional fourth-round pick that they used on OLB Vince Biegel.
King played out the final year of his four-year, $7.08 million contract before returning to Green Bay on a one-year contract this past March.
In 2020, King appeared in 11 games for the Packers and recorded 57 tackles, no interceptions, a forced fumble, a recovery and five passes defended.