The 6-foot-2, 242-pounder, a first-round draft pick by the Cincinnati Bengals in 1998 out of Auburn, spent the 2007 season with the Eagles after being acquired in a trade with the Buffalo Bills.
He was Philadelphia's second-leading tackler with 86 (64 solo) and made one sack in 14 games.
A torn left rotator cuff caused him to miss the season's final two games.
"Takeo did a really good job for us last year," said Eagles coach Andy Reid in a release. "But we are excited about the young linebackers that have developed over the last year. We wish Takeo all the best. He's a true team player on and off the field."
The 10-year NFL veteran was the second big-name older player released by the Eagles in a week.
The other was defensive end Jevon Kearse last Thursday.
Kearse has signed with the Tennessee Titans.