Hoyer, cut by the Cardinals on Monday, would have cost Arizona a second-round draft pick as a result of his tender if he were signed to an offer sheet during the period to sign restricted free agents. He was scheduled to make $2,023,000 in 2013.
The 27-year-old Hoyer, who spent three seasons as a backup to Tom Brady in New England, was claimed on waivers by the Cardinals late last season and started the team's season finale, becoming the fourth quarterback to start for Arizona in 2012.
He finished last season with 330 yards, with one touchdown and two interceptions, completing 30 of 53 pass attempts in two games.
The Cardinals, however, traded for Carson Palmer and signed Drew Stanton this offseason, pushing Hoyer down the depth chart at quarterback. Arizona also has Ryan Lindley, who was drafted by the team in 2012, at the position.
Information from The Associated Press was used in this report.