Nwaneri was due to make about $5.9 million in 2014, and cutting him with give the club another $3.7 million in salary-cap space.
Nwaneri, a fifth-round draft pick in 2007, played in 104 games and made 92 starts in Jacksonville. But his play deteriorated in recent years as nagging injuries mounted.
Parting ways with him could lead to a revamped interior of the team's offensive line. Longtime center Brad Meester retired after last season, and guard Will Rackley's starting job is up for grabs heading into 2014.
Prior to releasing Nwaneri, the Jaguars were projected to have more than $56 million in salary-cap space this offseason, according to ESPN Stats & Information.
Information from The Associated Press was used in this report.