The move effectively ends Miller's season as he continues his recovery from a life-threatening knee injury that sidelined him for much of the 2017 campaign.
Per Monday's contract, Miller will receive $458,000 in salary this year. He would have made $790,000 had he'd been able to play, although it was unlikely after he underwent urgent vascular surgery to repair a torn artery.
The 33-year-old Miller was carted off the field during the third quarter of the Bears' 20-12 loss to the New Orleans Saints on Oct. 29 and taken from the Mercedes-Benz Superdome to the University Medical Center New Orleans.
Miller appeared to have caught a 25-yard touchdown pass from quarterback Mitchell Trubisky, but he landed awkwardly on his left leg. After an official review, the scoring reception was reversed because the officials ruled Miller did not maintain control throughout the catch.
The 6-foot-5, 245-pound Miller had 20 receptions for 236 yards and two touchdowns in eight games last season.
Miller, who was the 2015 recipient of the Brian Piccolo Award, started 28 of 33 games while recording 101 receptions for 1,161 yards and 11 touchdowns during his three years with the Bears.
Miller has 146 catches for 1,631 yards with 15 touchdowns in 66 career contests with Jacksonville and Chicago since being selected in the sixth round of the 2009 NFL Draft by the Jaguars.