ESPN.com confirmed with sources familiar with the situation the team will not execute the option. The Tennessean first reported it Wednesday evening.
The fifth-year options for top 10 picks pays them the average of the top 10 salaries at their position. That number would be over $14 million for a quarterback.
Locker has a $2.09 million base salary this season as part of a cap number of just over $4 million.
While he's not yet all the way back from a right foot injury that ended his 2013 season, he's in line to be the starter for the Titans in their first season with Ken Whisenhunt as their coach. He isn't participating in team periods of voluntary minicamp practices this week.
The Titans could draft a quarterback next week who could challenge for the starting spot. Locker's performance this season will determine whether the team attempts to sign him to a second contract.
He was drafted eighth overall in 2011 but Matt Hasselbeck was the Titans starter that year.
Shoulder, hip, knee and foot injuries have cost Locker 14 of 32 games as a starter in the last two seasons.