The Chicago Bears and Houston Texans were among those who could give McNabb consideration.
Minnesota Coach Leslie Frazier said McNabb was released after "we both agreed mutually that this was the best decision for both parties."
McNabb has played in the NFL for 13 seasons, most of them with the Philadelphia Eagles. He led the Eagles to the NFC title game four straight seasons beginning in 2001, but Philadelphia advance to the Super Bowl just once in that stretch, losing Super Bowl XXXIX to New England 24-21.
McNabb started only six games in his lone season with Minnesota, having been acquired from the Vikings last summer from the Washington Redskins. Minnesota had a 1-5 record when McNabb was benched in favor of Christian Ponder.
Chicago has lost quarterback Jay Cutler until at least January with a broken thumb and Houston has seen two quarterbacks knocked out for the season in two weeks.