The move will not be official until Friday, meaning Tillery cannot be claimed until Monday. Considering that multiple teams expressed interest in trading for him before the deadline, Tillery is expected to be claimed, ESPN's Adam Schefter reported.
The Chargers had listed Tillery as a non-participant due to personal reasons the past two days of practice.
"This was not an easy decision but, after careful consideration, it was a necessary one that is in the best interest of both team and player," general manager Tom Telesco said in a statement released by the team. "We wish Jerry all the best moving forward in his career."
The Chargers had declined to pick up the fifth-year option on Tillery's rookie contract.
Tillery appeared in seven games this season, but did not start. He finishes with a sack and a forced fumble.
In 54 games for the Bolts, he had 10.5 sacks and three forced fumbles.
The Chargers (5-3) play the San Francisco 49ers (4-4) at Levi's Stadium on Sunday.
With Tillery's departure and defensive lineman Austin Johnson being placed on injured reserve earlier this week, the Bolts are down to five interior linemen on their active roster, including Sebastian Joseph-Day, Morgan Fox, Otito Ogbonnia, Christian Covington and Breiden Fehoko, who was signed from the practice squad following Johnson's move to IR.