Petty started four times this season and appeared in one other game. He completed 56.4 percent of his passes for 809 yards, three touchdowns and seven interceptions.
Coach Todd Bowles had announced after the Jets' Week 13 loss to Indianapolis that Petty would start the rest of the games this season. He was unable to finish his past two starts.
With Geno Smith on injured reserve, the Jets could start Ryan Fitzpatrick or Christian Hackenberg in Sunday's game against the Buffalo Bills. Fitzpatrick is expected to start, but Hackenberg will be on the active roster for the first time this season.
To fill Petty's roster spot, the Jets claimed pass rusher Corey Lemonier off waivers from the Detroit Lions.