Canady tweeted on Monday, "Family first money second #staysafe"
Since signing Canady, the Cowboys re-upped Anthony Brown to a three-year deal, signed veteran corner Daryl Worley and selected Trevon Diggs in the second round of the draft. Chidobe Awuzie and Jourdan Lewis are set to be unrestricted free agents after the season.
By opting out, Canady will receive $150,000 but will remain under contract to the Cowboys in 2021.
The NFL Network was the first to report Canady's decision.