Young, who threw for 8,098 yards and 42 scores while being picked off 42 times in his five-year tenure with the Titans, tore a flexor tendon in his right thumb during a Week 11 loss to the Washington Redskins, cutting short his season.
He was placed on injured reserve after a locker-room blowup with the Titans' coach. Young reportedly argued with Fisher after the game over his decision not to put him back onto the field after he hurt his thumb, then stormed out of the locker room.
In a statement released Wednesday, Titans owner Bud Adams said he told General Manager Mike Reinfeldt "to move forward with plans to begin the process of identifying the next quarterback for our franchise."
"He will inform Vince Young's agent that Vince will not be on our roster next season. I want to offer my personal thanks to Vince for all of his positive contributions to the club."
Adams said he was still evaluating whether Fisher would return as Titans coach after the team's disappointing 6-10 season.