"We thank Jermon for his contributions to the Bears," general manager Ryan Pace said in a statement. "I have so much respect for how he carries himself on and off the field. He was a locker room leader and contributor in helping the younger players on our team grow. We wish him and his family the best as they move forward."
Bushrod, 31, later thanked the Bears in an Instagram post for "giving me the opportunity to line up with that C on the side of my helmet."
I'm very appreciative of the kind words of support from the family, friends and fans that have reached out to me. Unfortunately my time in Chicago is up and it's on to the next chapter in life. We will continue to grind. Thank you @chicagobears for giving me the opportunity to line up with that C on the side of my helmet. #bearDown
Chicago signed Bushrod in March 2013 to a five-year deal that included over $22 million in guaranteed money. His base salary next year was scheduled to be $6.4 million.
The Bears will carry $4.4 million in dead salary-cap money following Bushrod's release.
A two-time Pro Bowl selection and 2009 Super Bowl champion while a member of the New Orleans Saints, Bushrod started 34 of 42 games he played for the Bears.
Bushrod began last season as the Bears' left tackle, but permanently fell out of the starting lineup in favor of Charles Leno after Bushrod suffered a concussion in Week 3 against Seattle. He appeared in just 12 games in 2015 and also dealt with a chronic back injury for much of the year.