Kirkpatrick was the Bengals' first-round pick in 2012. The move saves the AFC North club around $8.3 million of cap space, according to Spotrac.
The cornerback also confirmed the move on his Instagram story:
Despite his late release, Kirkpatrick is expected to garner significant interest on the open market, according to Ian Rapoport of NFL Network.
The 30-year-old racked up 302 tackles, 65 pass defenses, and 10 interceptions over eight seasons in Cincinnati.