The Cardinals terminated the final two years on the three-year, $7.5 million contract Blake signed last March.
"Josh McCown is our starting quarterback, so we felt it is in Jeff's best interests to release him now to give him the opportunity to catch on with another team," new Cardinals Coach Dennis Green said.
Blake, 33, completed 57 percent of his passes for 2,247 yards with 13 touchdowns and 15 interceptions in his only season with Arizona. He also rushed for 177 yards and two touchdowns on 30 carries but won just three of 13 starts.
A 12-year veteran, Blake has thrown for 21,529 yards and 132 touchdowns with 95 interceptions in stints with the New York Jets, Cincinnati, New Orleans, Baltimore and Arizona.