Law played in 141 games over 10 seasons with New England, but missed out on the Patriots' Super Bowl victory earlier this month because of a broken foot suffered Oct. 31.
"Ty Law had a tremendous career as a New England Patriot," said Coach Bill Belichick. "We wish him well in the future."
Law has 36 career interceptions and shares the franchise record with Raymond Clayborn.
Swim Week Miami Beach 2014 [PHOTOS]