The move, which will become official March 18, frees up $5.3 million against the Dolphins' salary cap. With Jones' salary off the books, Miami has around $90 million in cap space, tops in the league.
"We want to thank Reshad for everything he has done for the Miami Dolphins," general manager Chris Grier said in a statement. "I have known Reshad since spending time with him at Georgia and have been impressed with everything he's been able to accomplish. We wish him the best moving forward."
Jones, who turned 32 in February, established himself as one of the Dolphins' core players over the past decade. He was the team's longest-tenured player after being selected in the fifth round of the 2010 NFL draft.
The end in Miami was clear for Jones, who has had surgery on both shoulders over the past few years. His large salary-cap number, age and injury history didn't fit with the rebuilding Dolphins.
Jones, who signed a five-year, $60 million deal in March 2017, was set to make $11.5 million in 2020, with $2 million already guaranteed.
The two-time Pro Bowl selection has 21 interceptions, 10.5 sacks and 4 defensive touchdowns in his career. He played just four games in 2019, notching 27 tackles, one tackle for loss and a pass deflection before ending the season on injured reserve.
ESPN's Cameron Wolfe contributed to this report.