Gostkowski, 36, is a former fourth-round pick of the Patriots back in 2006. He finished out his four-year, $17.2 million contract before agreeing to a two-year deal worth $8.5 million last year.
Gostkowski was set to make a base salary of $3.5 million for the 2020 season. According to OverTheCap.com, releasing Gostkowski will free up $3,487,500 of available cap space while creating $1.4 million in dead money.
Gostkowski has played his entire 14-year career in New England.
In 2019, Gostkowski appeared in four games for the Patriots and converted 7 of 8 field goal attempts (87.5 percent) to go along with 11 of 15 extra point tries (73.3 percent).