Hambrick's days in Dallas were numbered after the Cowboys selected running back Julius Jones in the second round of last month's draft.
"Troy gave us good effort for all of his time with the Cowboys," owner Jerry Jones said. "We appreciate his contributions and wish him the best as he explores his future options in the NFL."
Hambrick rushed for a career-best 972 yards and five touchdowns last season but averaged just 3.5 yards per carry.
"I told Troy I wanted to be fair with him," Cowboys Coach Bill Parcells said last month. "I told him if we drafted a front-line runner then we might consider doing something with him."