Vick was suspended by NFL Commissioner Roger Goodell in August 2007, shortly after the player pleaded guilty to a series of charges related to a dogfighting operation on his property.
He was sentenced to 23 months in prison and left a federal penitentiary May 20. He is serving two months of home confinement and is scheduled for release July 20. Vick is expected to soon seek reinstatement by Goodell.
Falcons General Manager Thomas Dimitroff, in a release Friday, announced Vick's release and said the team "hopes that Michael will continue to focus his efforts on making positive changes in his life and we wish him well in that regard."
Dimitroff also said: "Michael remains suspended by the NFL. However, in the event NFL commissioner Roger Goodell decides to reinstate Michael, we feel his best opportunity to re-engage his football career would be at another club."
Vick is a three-time All-Pro selection as quarterback and helped the Falcons to the NFC title game after the 2004 season.