Jets General Manager Mike Tannenbaum said in a statement that Jones, who ran for a career-high 1,402 yards and scored a franchise record 14 rushing touchdowns last season, had played his last game as a Jet.
"We have informed Thomas Jones and his representatives that we will release him on March 5," Tannenbaum said. "Thomas joined us three years ago and has been a productive, passionate leader both on and off the field who has served as a positive influence for our younger players. We were fortunate to acquire him and we wish him the best."
Jones, 31, a 10-year veteran, set a Jets single-game record with 210 yards on the ground against the Buffalo Bills.
He was acquired from the Chicago Bears in 2007 after spending three seasons there.