Kolb was set to make a $2 million bonus if he was still on the club's roster Saturday. He also had a $9 million base salary for this season.
Kolb's future in Arizona became even cloudier Wednesday when the team agreed to a three-year contract with quarterback Drew Stanton.
Thanks to injuries and his unsteady play, Kolb appeared in just six games with the Cardinals last season, throwing for 1,169 yards with eight touchdowns and three interceptions.
Kolb, 28, threw for 17 touchdowns and 11 interceptions in two seasons with Arizona after being acquired from the Philadelphia Eagles. He was a 2007 second-round pick of the Eagles.
Star wide receiver Larry Fitzgerald, in an interview with ESPN Radio's "SVP and Russillo" show Thursday, said he has confidence that new coach Bruce Arians would improve the team's quarterback situation.
The Cardinals, whose offense ranked dead last in the NFL last season, also have tendered an offer to quarterback Brian Hoyer.
Information from The Associated Press was used in this report.