Hargreaves, 24, is a former first-round pick of the Buccaneers back in 2016. He was entering the final year of his four-year, $14.17 million rookie contract this offseason when the Buccaneers exercised his fifth-year option for 2020 at $9.9 million.
The Buccaneers waived Hargreaves in November and he was later claimed by the Texans.
According to OverTheCap.com, releasing Hargreaves will free up $9,594,000 of available cap space while creating no dead money.
In 2019, Hargreaves appeared in 15 games for the Buccaneers and Texans and recorded 61 tackles, one interception, a defensive touchdown, a fumble recovery and six passes defended.