Adam Schefter of ESPN reports that the Patriots informed WR DeVante Parker that they are releasing him Wednesday.
The Patriots had given Parker permission to seek a trade this offseason, but it appeared that a release was ultimately the most likely outcome.
According to OverTheCap.com, releasing Parker will free up $143,332 of available cap space while creating $6,323,334 in dead money.
Parker, 31, is a former first-round pick out of Louisville by the Dolphins in the 2015 NFL Draft. He played out the final year of a four-year, $10.876 million rookie contract when the Dolphins picked up his fifth-year option.
Miami later signed Parker to a two-year contract worth up to $13 million with incentives in 2019. He was set to make a base salary of $4.4 million with the Dolphins for the 2020 season when Miami signed him to a new four-year, $40 million deal.
From there, the Dolphins traded Parker and a 2022 fifth-round pick to the Patriots in exchange for a 2023 third-round pick. He agreed to a three-year, $33 million deal last year.
In 2023, Parker appeared in 13 games for the Patriots and caught 33 passes for 394 yards receiving and no touchdowns.
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