Rolle, who was scheduled to make $4.1 million this season, had previously requested to be released. On Friday, he was informed by the Ravens that he will be placed on waivers within the next few days.
The story was first reported on jocklife.com. Reached by The Associated Press on Friday, Ravens general manager Ozzie Newsome would say only that Rolle has been invited back to play a fifth season in Baltimore.
Rolle, quoted in The Baltimore Sun, said, "I anticipate it happening. I'm happy. Everyone got what they wanted out of this."
Rolle will become the second Ravens starting cornerback to be released this offseason; Chris McAlister was cut last month. Corey Ivy, a backup, is also a free agent. The Ravens still have Fabian Washington on the roster and recently signed Domonique Foxworth from the Falcons.
The 32-year-old Rolle came to Baltimore in 2005 as a free agent, started 47 games and had eight interceptions in four seasons. Rolle started his career with the Tennessee Titans and was selected to the Pro Bowl in 2000. His release saves the Ravens the full $4.1 million Rolle would have made in the coming season.
John Clayton is an ESPN.com senior NFL writer. Information from The Associated Press was used in this report.