The Seahawks only acquired the 26-year-old last year when they traded their first-round pick in the 2013 Draft, along with other late-round selections, to land his services from the Minnesota Vikings.
Harvin played just one regular-season game for the Seahawks in 2013, but put in an excellent performance during the Super Bowl to help Pete Carroll's men lift the Vince Lombardi trophy.
The receiver has struggled to get involved in the passing game this year with Seattle and, following reports of confrontations with teammates, the club decided to jettison him from their roster.
Seahawks general manager John Schneider told reporters: "Although this was an extremely difficult decision, we are constantly evaluating our team and believe at this time, that this is in our best interest to move the team forward.
"We thank Percy for his efforts that contributed to a Super Bowl XLVIII victory and wish him well."
Rex Ryan's side will give up a Draft pick between the fourth and sixth rounds to obtain Harvin's offensive talents this season.