Podlesh was set to make $1.45 million in base salary in 2014 and carried a cap charge of $1.875 million.
He originally signed a five-year, $10 million contract ($3.5 million in total guarantees) with the Bears in the spring of 2011. Only $800,000 of guaranteed money remains, meaning the Bears will have that much in dead money if they take all of the cap hit in 2014 or $400,000 if they make Podlesh a post-June 1 designation so they can spread the cap hit over two years.
Podlesh declined comment on his release, but did tweet about the move Wednesday.
A sincere thank you to the Bears organization and fans for the opportunity to represent a first class franchise and city..one last #BearDown
- Adam Podlesh (@Adampodlesh08) March 5, 2014
Podlesh played three seasons with Chicago and had a gross average of 42.3 yards on 238 punts. He hit 82 punts inside the opponents' 20-yard line with just 12 touchbacks, one blocked punt and a net average of 39.4 yards.
When Podlesh experienced a slump last season, the club strongly considered releasing him, bringing in five punters for tryouts at Halas Hall.
General manager Phil Emery talked about the team's punter situation at the NFL scouting combine last month in Indianapolis.
"It's wide open. It's a wide-open competition," he said.
ESPNChicago.com's Jeff Dickerson contributed to this report.