Dunn had spent six seasons with the Falcons, amassing 5,979 rushing yards. Atlanta led the NFL in rushing each season 2004-06, with Dunn leading the way. The Falcons made the change one day after signing running back Michael Turner.
"In my mind, Warrick will always be part of the Falcons family," said Falcons owner Arthur Blank. "At times like this our hearts are heavy but the nature of the game sometimes requires making these kinds of decisions, however difficult they are for all of us. I wish Warrick continued great success in his future endeavors."
Before joining Atlanta, Dunn played in Tampa Bay for five seasons. His career rushing totals include 10,179 yards and 47 touchdowns. He also caught 463 passes for 4,009 yards and 15 touchdowns.
Dunn, 33, is also recognized as one of the top community leaders in the NFL and was honored as the 2004 Walter Payton NFL Man of the Year for outstanding community service and on-field performance.