Gordon had an injury-plagued season. He started off on the disabled list after having offseason elbow surgery and spent only a week with Arizona before suffering a severe hamstring injury in a May 3 game at Milwaukee that forced him back on the disabled list.
Gordon, 41, is 138-126 with 158 saves and a 3.96 ERA in 890 games in 21 seasons. He is fifth among active pitchers in career appearances and 14th in saves.
"I still feel I can play the game I love," said Gordon, who was released after giving up 10 earned runs in 6 2/3 innings during a recent rehab assignment at Class AAA Reno.
"I still want to pitch in a World Series."
Gordon has played with eight teams during a 21-year career that began in Kansas City in 1988 and included time with Boston, the Chicago Cubs, Houston, the Chicago White Sox, the New York Yankees and Philadelphia. He was on the disabled list when the Phillies won the World Series last year.
Gordon led the American League with 46 saves in 1998 with Boston in his first full-time season as a closer after spending most of his first 10 seasons as a starter. He was 17-9 with a 3.64 ERA in his first full season in Kansas City in 1989, starting 16 games among his 49 appearances.
"He's had an unbelievable career, and hopefully it continues somewhere," Arizona general manager Josh Byrnes said. "He just wasn't progressing at the rate we hoped, and we decided to bring some closure to it, at least from our end."
Dennis Eckersley, Hoyt Wilhelm and Lindy McDaniel also have at least 135 victories and 150 saves.