The team announced the move Monday. Saints head coach Sean Payton told reporters that Meredith's previous knee injury, along with the production from other receivers on the roster, led to his release.
"The injury he had set him back and these younger guys now have been doing a good enough job," Payton said. "It's unfortunate because he's someone that has worked hard, he's worked his tail off. And yet, it was going to be hard for him to catch this group of younger guys that are competing."
Meredith signed a two-year contract with the Saints as a restricted free agent in April 2018. The 26-year-old wideout missed the entire 2017 campaign while playing for the Chicago Bears after tearing his left ACL and suffering other ligament damage in his knee during the preseason.
Prior to his major injury, Meredith recorded 66 receptions for 888 receiving yards and four touchdowns in 14 games in 2016 with the Bears.
New Orleans signed offensive lineman Patrick Omameh to fill Meredith's roster spot.