Forsett, who was inactive Sunday against Oakland, met with Ravens general manager Ozzie Newsome on Tuesday and expressed a desire to find another team.
"It was mutual," Forsett told the Ravens' official website. "I felt like my opportunity here was closing. I'm at a phase in my career where I don't want to sit; I want to play. I have a lot of football left in me."
The Ravens have not officially announced a roster move yet.
Forsett, 30, was benched in favor of Terrance West on Sunday and was listed as inactive. He averaged 3.2 yards per carry in the first three games, which tied a career low.
"They wanted to go younger," Forsett told CSNMid-Atlantic.com earlier Tuesday. "I've been fired before. When I was inactive Sunday, I thought it might come."
Forsett also indicated on Twitter that he had been released.
Baltimore will always have a special place in my heart. Love y'all & thank u for the amazing support over the years #HeDontMakeTheLaw He...— Justin Forsett (@JForsett) October 4, 2016