Fournette, 25, had a career-high 1,674 yards from scrimmage in 15 starts last season. The No. 4 overall pick in the 2017 NFL Draft was on the final year of his rookie contract.
Any of the NFL's 31 other teams can now claim Fournette off waivers.
Ryquell Armstead now sits atop the Jaguars' depth chart at running back. The fifth-round pick in the 2019 NFL Draft had 35 carries for 108 yards last season. Armstead also had 13 catches for 144 yards and two scores in 16 games in 2019.
Jacksonville also has running backs Chris Thompson, Devine Ozigbo, James Robinson and Nathan Cottrell on its depth chart.
Fournette had 1,040 rushing yards, 1,342 yards from scrimmage and scored 10 touchdowns in 13 games during his 2017 rookie campaign. The LSU product had 624 yards from scrimmage and six touchdowns in eight starts in 2018 while limited by a hamstring injury and a one-game suspension.
The Jaguars host the Indianapolis Colts in their first regular season game at 1 p.m. EDT Sept. 13 at TIAA Bank Field in Jacksonville, Fla.