Cuddyer, who signed a two-year contract with the Mets following the 2014 offseason, was set to earn $12.5 million next season.
He posted a .259 batting average with 10 home runs and a .309 on-base percentage. He also injured his knee in July and lost his regular left field job due to the promotion of rookie Michael Conforto and the acquisition of Yoenis Cespedes.
During New York's run to the World Series, Cuddyer had 12 plate appearances but struck out seven times and had one hit.
Cuddyer began his career in 2001 with Minnesota and helped the Twins to six playoff appearances. Before joining the Mets, he spent three seasons with the Colorado Rockies and won the batting title in 2013.
In 1,536 regular season games for Minnesota, Colorado and New York, Cuddyer had a .277 career batting average, 197 home runs and 794 RBIs. In 28 playoff games, he batted .306 (26-for-85) with two home runs and eight RBIs.