Bill Belichick's side signed the 26-year-old in June and he competed for the backup job alongside Ryan Mallett, but he was unable to oust the former Arkansas man during pre-season.
Tebow wrote on Twitter: "I would like to thank Mr. Kraft, Coach Belichick, Coach McDaniels and the entire Patriots organisation for giving me the opportunity to be a part of such a classy organisation.
"I pray for nothing but the best for you all. I will remain in relentless pursuit of continuing my lifelong dream of being an NFL quarterback."
The Patriots also released Jermaine Cunningham, Zoltan Mesko, Justin Francis, Ja'Gared Davis, Kanorris Davis, Marcus Forston, George Winn, Quentin Sims and Justin Green as part of their cut down to 53 players.