The outside pass rusher spent the 2009 season in Oakland where he battled shoulder and knee injuries but was tied for the team lead with seven sacks.
By cutting Ellis, the Raiders save $2.5 million.
Whether or not the Cowboys want Ellis to return is uncertain.
One of the reasons the Cowboys let Ellis go last year was age, 34, and complaints.
The Cowboys wanted to move Anthony Spencer into the starting lineup over Ellis and were tired of Ellis talking about playing time and salary.
Ellis' agent, James Williams said Tuesday night his client wouldn't mind coming off the bench and that money isn't that big of an issue. Well that's what Wade Phillips was trying to do the last two years with Ellis. And there doesn't appear to be any hard feelings between the Cowboys and Ellis. Before Ellis was cut on Monday, Stephen Jones, the team vice president, had a friendly conversation with Ellis at the scouting combine.
It would be difficult for Ellis to return especially with the Cowboys depth at outside linebacker.
However, if the Cowboys feel Ellis can improve the defense and outplay one of these younger kids, then maybe a move might happen.