A three-time Pro Bowler, Chancellor is scheduled to make $4.6 million this season as part of a four-year extension he signed in 2013 worth $28 million.
Seahawks training camp opens Friday.
Chancelllor is an important part of the Seahawks' "Legion of Boom" secondary. The unit was dinged by injuries last season, and Earl Thomas suffered a shoulder injury in Super Bowl XLIX that could keep him out for the start of the season.
Chancellor played in the Super Bowl with a torn medial collateral ligament in his left knee and racked up 10 tackles. He rehabbed the injury during the offseason without undergoing surgery.