The 36-year-old Spikes addressed his release in a tweet Thursday morning and said he plans to play in 2013, which would be his 16th NFL season.
"Thank you to the @chargers, Spanos family & fans for the opportunity to represent the organization. I look forward to this upcoming season," he wrote.
Spikes started all 32 games he played in two seasons with the Chargers and was voted a defensive captain in both years.
The Chargers saved $3 million on the salary cap with the move and now have more than $10 million in space.
Spikes never has been on a playoff team, earning him an unenviable distinction. According to ESPN Stats & Information, his 219 regular-season games played are the most in NFL history without ever making the playoffs.
He earlier played with Cincinnati, Buffalo, Philadelphia and San Francisco. The Chargers missed the playoffs the last three seasons.
Spikes had 78 tackles last season and in his career has registered 1,423 tackles, 29 sacks, 19 interceptions and 15 forced fumbles.
"Takeo is a true professional and a class act," general manager Tom Telesco said in a statement. "We're grateful for his many contributions to the Chargers organization, both on and off the field, and wish him nothing but the best in the future."
Information from ESPN.com's Bill Williamson and The Associated Press was used in this report.