He has not been with the Titans during the voluntary portion of the offseason but was planning to be part of mandatory minicamp, which begins Tuesday.
The Titans never got much production out of Greene, who was signed in 2013 as a big back to work in tandem with Chris Johnson. In two seasons, Greene played in 24 games with five starts, carrying 171 times for 687 yards and six touchdowns.
He got $10 million guaranteed on a three-year deal and was due a $3.25 million base salary this year. He leaves behind $833,334 in salary cap dead money.
The Titans selected Bishop Sankey in the second round of the 2014 draft. They added David Cobb in the fifth round of this year's draft and also have Dexter McCluster and Antonio Andrews on the roster.