Lloyd corralled 74 passes for 911 yards and four touchdowns over 16 games last season for the Patriots.
He is the second prominent receiver to leave New England this week -- following on the release of Wes Welker, who has signed a free-agent contract with Denver.
Lloyd, 31, has racked up 385 receptions for 5,695 yards and 35 touchdowns over 128 career contests with San Francisco, Washington, Chicago, Denver, St. Louis and New England.
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