The release of Cromartie reportedly allows the Jets to save $8 million on their salary cap. Cromartie, 31, was due to make $8 million in 2016 in the second season of a four-year, $32 million contract.
The move wasn't a surprise after Cromartie experienced a subpar season in 2015.
Cromartie also played with the Jets from 2010-13 - intercepting 13 passes during that span - before playing for the Arizona Cardinals in 2014.
Cromartie didn't intercept a single pass in 2015.
"I would like to think the Jets organization for bringing me back this past season," Cromartie wrote on Instagram. "I had a lot of fun and I know my first (half) of the season didn't go well and I thank you guys for pushing and believing in me to keep me on the field so I could finish strong. Today is a sad day for me not because of my release but the guys I became really close in our DB room."
Cromartie has 31 career interceptions in 10 NFL season. His best campaign was in 2007 with the San Diego Chargers when he led the NFL with 10 interceptions.