Coleman was released with a failed physical designation, and Fullington was waived/injured.
Saints coach Sean Payton told reporters after Sunday night's practice that Coleman is dealing with hip and neck injuries, and he suggested that the door would stay open for a return down the road.
"I would anticipate it's not the last time you will see him," Payton said.
Coleman, who has been sidelined since before the start of training camp, has spent the past three years as the Saints' No. 3 or 4 receiver. The Saints have a number of candidates to replace him in the rotation after adding restricted free agent Cameron Meredith and rookie Tre'Quan Smith behind established veterans Michael Thomas and Ted Ginn Jr.
Coleman, 26, joined the Saints as an undrafted free agent out of Rutgers in 2014. He has been a steady contributor the past three years as both a pass-catcher and a blocker. The 6-foot-6, 225-pounder has tallied between 23 and 30 catches, 281 and 454 yards and two and three touchdowns in each of the past three seasons.
Fullington, meanwhile, is a fifth-year undrafted pro who was making a strong push to make the roster as a backup guard/tackle before he was injured in practice this week.
The Saints re-signed veteran tight end John Phillips and safety Rickey Jefferson to fill the roster spots.