Washington was expected to part ways with Reed after he reportedly cleared the concussion protocol Wednesday.
The 29-year-old has an extensive concussion history, which includes seven documented head injuries in the NFL and two more in college. It took him over six months to clear the protocol following his most recent concussion.
A talented offensive weapon and high-level athlete when healthy, Reed has missed 29 games over the last three years due to various injuries.
The Redskins will save $8.5 million against the salary cap by releasing their longtime tight end, according to Over the Cap.