Releasing Succop frees up $2 million in salary-cap space but costs the team $2.1 million in dead money.
Walker, 35, spent the past seven seasons with the Titans, but has been limited to a total of eight games over the past two seasons due to an ankle injury and resulting complications.
Succop started training camp on the physically unable to perform list after undergoing a procedure on his knee. He returned in Week 9.
He made 1 of 6 field goal attempts and was good on 24 of his 25 extra point attempts. He struggled to get power on his kickoffs, getting three touchbacks on 13 kickoffs.
Succop, 33, had spent the past six seasons with the Titans after starting his career with the Kansas City Chiefs in 2009. The Chiefs used the final pick of the 2009 NFL draft to select Succop, earning him the "Mr. Irrelevant" title for that year.
Tennessee general manager Jon Robinson addressed Walker in a statement, saying, "In my time here with Delanie, he has been an absolute pro on the field, in the locker room, and his production speaks for itself. He was a leader, a captain, and a highly respected member of this team.
"His toughness, competitiveness, attitude and professionalism are what we expect from our players. I want to wish him all of the best moving forward and he will forever be a Titan great."
Walker spent the first seven years of his career with the San Francisco 49ers after being taken in the sixth round of the 2006 draft.
His best years came in Tennessee, however, posting the only 1,000-yard season in his career in 2015 (1,008).
"My time in Nashville has far exceeded any expectations I had when signing with the Titans," Walker tweeted Friday. "I knew I was coming into an organization with a goal of helping to rebuild a culture, bring leadership to a locker room and set a standard of winning for the Tennessee Titans.
"In my seven seasons here I am proud of the work we've done to achieve those goals. For every hard-fought catch or last-minute comeback win, I'll also remember each and every person that made my time here special."
The move saves the team $6.4 million in cap space. Walker was set to earn $8 million but only $1.6 million in dead money will count against the salary cap.
According to the team site, Walker had a "failed physical" attached to his designation. The Titans placed Walker on injured reserve in November after dealing with an ankle injury for most of the past season. Walker suffered a dislocated ankle and an associated fracture in the 2017 season opener against the Miami Dolphins and was placed on injured reserve.
Walker signed a four-year, $17.5 million contract with the team in 2013. He signed a two-year contract extension with the Titans worth $17 million in 2018.
The veteran tight end was a team leader and one of their top pass-catching options.