Agent Joe Linta said Friday he was unable to work out a new contract with the team so the Raiders decided to cut Wimbley instead.
"We tried feverishly to work it out, but we couldn't," Linta said. "The Raiders' salary-cap and cash constraints were too great to get anything done. Oakland general manager Reggie McKenzie is a real pro and I appreciate how he handled this situation."
Oakland gave Wimbley the big contract last summer.
He was paid $5 million in 2011 and is still guaranteed an additional $6.5 million from the Raiders. The team would have been on the hook for $4.5 million more in 2012 if Wimbley was on the roster Saturday, as well as an additional $13 million in guaranteed money for the rest of the deal.
Wimbley had seven sacks, 21½ quarterback knockdowns and 9½ hurries last season, according to STATS LLC.
Information from ESPN.com's Bill Williamson and The Associated Press was used in this report.