The move was expected. Rice, 27, played in just eight games this past season before suffering a season-ending knee injury. He finished with 15 receptions for 231 yards and three touchdowns.
Rice is due $17.5 million in base salary over the next two seasons, ESPN reported.
Rice spent his first four NFL seasons with the Minnesota Vikings. He signed a five-year $41 million deal with Seattle as a free agent in 2011.
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