Bennett was due a $2 million roster bonus next week. His release will save New England about $6 million in salary cap space.
Bennett joined New England in November of last season after being released by Green Bay for "failing to disclose a physical condition."
He started seven games for the Packers in 2017 after signing a three-year, $21 million contract as a free agent. Following his release, Bennett appeared in two games for the Patriots before being placed on injured reserve with hamstring and shoulder issues.
In 2016, Bennett caught 55 passes for 701 yards and a career-high seven touchdowns on his way to earning a Super Bowl ring with the Patriots.