Johnson enjoyed a blistering start to his NFL career having been a first-round Draft pick in 2008, reaching the Pro Bowl in his first three seasons, breaking the 2,000 rushing yards barrier in 2009 and becoming one of only six players to have run for at least 1,000 yards in his first six years.
However, he averaged a career-worst 3.9 yards per carry and had a longest run of just 30 yards last season, prompting the Titans to end his six-year stint with the team in order to save $4m (£2.4m) against the salary cap.
"As an organization, we want to thank Chris for his contributions to the Titans. Chris produced many memorable moments, broke franchise records and was durable over his six-year career with our team," read a statement from Titans general manager Ruston Webster.
"We have had an open dialogue with Chris' agent, Joel Segal, over the last few weeks, and we appreciate the patience and professionalism they have shown throughout this process.
"We made an effort to trade Chris but were unable to do so. We wish Chris the best and thank him for the six seasons he spent with us."
The New York Jets, Buffalo Bills, Miami Dolphins and Atlanta Falcons were all reportedly interested in a trade, but could not come to an agreement with the 28-year-old.