The release of Maclin, one of the Ravens' prime free-agent additions a year ago, will save the club $5 million of salary cap space, according to the Baltimore Sun.
Needing help at the position, the Ravens reached agreement with wide receivers John Brown and Ryan Grant on Tuesday, although deals cannot be officially signed until the new league year begins on Wednesday at 4 p.m. ET.
Maclin, who will turn 30 in May, gave Baltimore little bang for its buck after signing a two-year, $11 million deal last year. He had a career-low 40 receptions for 440 yards and scored three touchdowns in 2017.
A first-round draft pick of the Philadelphia Eagles in 2009, Maclin caught a touchdown pass in each of his first two games with Baltimore, but his performance regressed the rest of the season.
Maclin missed four games due to injury, including the final two of the season, and eclipsed 60 receiving yards just once.
A two-time 1,000-yard receiver, Maclin was a Pro Bowl selection in 2014 when he had 85 receptions for a career-best 1,318 yards and 10 touchdowns.
Maclin had 87 receptions the following season -- his first of two with the Kansas City Chiefs -- for 1,088 yards and eight scores in 2015 but was limited to 12 games and 44 receptions in 2016.
In eight seasons with the Eagles, Chiefs and Ravens, Maclin has 513 receptions for 6,824 yards and 49 touchdowns.