His release comes hours after Packers coach Mike McCarthy ruled out Bennett for the second straight week because of a shoulder injury.
"I know he was in here (Tuesday). There's a number of opinions that he's working through," McCarthy said of the 30-year-old Bennett. "He met with our medical staff (Tuesday), so they're still going through the process, but he will be out against Chicago."
Bennett signed a three-year, $21 million deal with Green Bay in the offseason and has been a disappointment. Bennett has 24 receptions for 233 yards, but he also has three drops and doesn't have a touchdown catch.