Pace, 34, had two years remaining on a three-year deal he signed before the 2009 season. He started 11 games at left tackle for the Bears last season, his 13th NFL campaign.
A former No. 1 overall draft pick, the 6-foot-7, 325-pound Pace has appeared in the Pro Bowl seven times. He played 12 years for the St. Louis Rams, helping lead them to an NFL Championship in Super Bowl XXXIV.
The Bears also waived tight end Fontel Mines and guard Tyler Reed. The pair have spent the majority of their NFL careers in Chicago on the Bears practice squad.