Report: Derek Carr has been released by Raiders

Derek Carr is free.

The Las Vegas Raiders informed the quarterback that he has been released from his contract, making him a free agent immediately, ESPN reported Tuesday. He can begin negotiating with teams immediately.

The Raiders were forced to release him Tuesday before $40.4 million in his contract became guaranteed on Wednesday.

By cutting him, the Raiders free up $29.3 million in cap space and it takes them off the books for the $40.4 million.

Carr, 31, adeptly forced the Raiders' hand, first by refusing to extend Wednesday's deadline and then refusing to waive his no-trade clause.

Carr is expected to draw the most interest from the New Orleans Saints and Carolina Panthers. He gets a jump on other free agent quarterbacks -- namely Jimmy Garoppolo -- who can't sign with any team until the start of the new league year March 15.

The New York Jets and Tampa Bay Buccaneers are also in the market for a QB. The Panthers, however, are the favorites to land Carr.

The Raiders are favored to land Aaron Rodgers.

In his nine seasons with the Raiders, Carr has played for six head coaches, gone 63-79 as a starter and taken the team to the playoffs twice without a win.

A second-round pick in the 2014 draft out of Fresno State, Carr signed a three-year, $121.5 million extension last spring that included the no-trade clause and an out for the team.

The only quarterback under contract for the Raiders currently is Chase Garbers.