"I appreciate Albert playing for us after some key injuries this past season," general manager Mark Dominik said. "He was very professional and we now wish him all the best as he moves forward."
Haynesworth was claimed off waivers from New England in November, after Gerald McCoy suffered a season-ending injury and several other defensive linemen were banged up. Haynesworth played in seven games, starting six, and recorded 25 tackles.
Haynesworth had been scheduled to count $7.2 million against the 2012 salary cap. By releasing him, the Bucs will not have any cap charge for Haynesworth. With leftover money carrying over from 2011, the Bucs now have approximately $67 million in cap space.
Haynesworth developed into one of the league's top defensive linemen during seven seasons with the Tennessee Titans, but has underperformed since signing a seven-year, $100 million deal with the Redskins in 2009.
Pat Yasinskas covers the NFC South for ESPN.com. Information from The Associated Press was used in this report.