Atlanta Falcons general manager Thomas Dimitroff said the team relinquished its contractual rights to Vick on Friday.
"Michael remains suspended by the NFL," Dimitroff said. "However, in the event NFL commissioner Roger Goodell decides to reinstate Michael, we feel his best opportunity to re-engage his football career would be at another club."
The move was no surprise. Owner Arthur Blank has said Vick would not return to the Falcons.
Goodell has not committed to reinstating Vick after the quarterback completes his 23-month sentence on July 20 for running a dogfighting ring.