Freeman was reportedly offered to every other team in the league, but with no interest yet in the player he has been cut from the roster.
The news comes after Freeman lost his starting place a week ago to rookie Mike Glennon, but the Bucs will still have to foot his £3.8m 2013 salary.
"We made the decision today to release Josh Freeman," general manager Mark Dominik said in a statement.
"We appreciate his efforts over the past five seasons, but we felt this was in the best interests of both Josh and the Buccaneers."
The NFLPA recently confirmed that they were investigating a leak that revealed the player's medical information.