Beasley, who was Falcons head coach Dan Quinn's first draft selection with the team, will become an unrestricted free agent when the new league year begins March 18. The Falcons picked Beasley with the No. 8 overall pick in the 2015 NFL Draft out of Clemson.
Beasley was the NFL's sack champion with 15.5 sacks in 2016, the season the Falcons made it to the Super Bowl, but he failed to show consistency over the next few years. He was a Pro Bowl choice that season but recorded only five sacks in each of the 2017 and 2018 campaigns.
The 27-year-old defensive end notched eight sacks this past season, but 6.5 of his quarterback takedowns came in the second half of the year.
The Falcons finished this season tied for 29th in the league with 28 total sacks. Beasley's eight sacks led the team, followed by All-Pro interior defensive tackle Grady Jarrett (7.5) and veteran defensive lineman Adrian Clayborn (four).
Beasley started 60 games for the Falcons during his five-year tenure with the team. He tallied 156 total tackles, 37.5 sacks, 36 tackles for a loss, 11 forced fumbles, one interception and 12 passes defensed.