He was scheduled to earn $19.5 million over the next three seasons, including $6 million in base salary.
Wimbley, who signed a five-year, $35 million deal with the Titans in 2012, has earned $15.5 million in his first two seasons with the team.
The Titans will transition to a 3-4 defense in 2014 if they are able to add proper personnel to fit that scheme through the draft and the remainder of free agency.
Wimbley is expected to transition to outside linebacker.
Adam Caplan is an ESPN NFL Insider.