The move will free up $20 million in cap space for the Jaguars and allow the veteran to hit the open market.
Jacksonville previously had the worst cap situation in the league, going over the 2020 cap by $3.42 million, according to Spotrac.
Dareus was traded to the Jaguars from the Buffalo Bills in 2017. He played in 30 games for the AFC South club, racking up 45 total tackles and 2.5 sacks.
He was limited to six games in 2019 due to a core muscle injury.