Revis joined Tampa Bay in 2013, coming from the New York Jets. In his first season with the Buccaneers, Revis started all 16 games, recording 50 tackles, 11 passes defensed, two interceptions, two forced fumbles, one fumble recovery and one sack.
"We would like to thank Darrelle for his time and effort with our organization last year," Buccaneers general manager Jason Licht said in a statement. "Darrelle showed a lot of heart last year as he worked extremely hard to get himself back on the field following his knee injury sustained the previous season.
"We have specific ideas regarding the best way to build this defense and, while you never like to lose a good player, we believe this is in the best interests of our team moving forward. Darrelle was a true professional here in Tampa Bay and we wish him continued success in his career."
Revis was released before 4 p.m. ET. The time is important because Revis had a $1.5 million roster bonus due Wednesday and the fourth-round pick the Buccaneers traded to the Jets last year would have become a third-round pick if Revis was on Tampa Bay's roster as of 4:01 p.m.
The Cleveland Browns and Oakland Raiders had talked to Tampa Bay about a possible trade for Revis, according to multiple reports. There are reports the New England Patriots will pursue Revis.