Vikings cut Greg Jennings

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The Minnesota Vikings released wide receiver Greg Jennings on Saturday, the team announced.

Jennings signed a five-year, $45-million contract in 2013, but the veteran failed to live up to his lofty salary.

According to ESPN's Ben Goessling, the Vikings asked Jennings to restructure his deal and he refused. 

Rumors of Jennings' impending release have followed him for weeks, and the Vikings' acquisition of Mike Wallace via trade from the Miami Dolphins on Friday clearly expedited the process.

The Vikings didn't designate Jennings as a post-June 1 cut when announcing the move, but it's likely the team will exercise its right to spread his dead money over the next two seasons.