The Bengals agreed to Hendrickson's demand and will now be shopping him for any team interested in a trade.
"It's been an honour and a privilege to represent Cincinnati over the last four years," said Hendrickson in a statement. "I love this city and organization. I appreciate the privilege of now being allowed to explore my options."
Hendrickson was the Defensive Player of the Year runner-up this past season after leading the league with 17.5 sacks.
Since signing with the Bengals in 2021, Hendrickson is third in the league in total sacks (57), just behind division rivals Myles Garrett (60) and T.J. Watt (58.5).
The star defensive end was elected to his fourth straight Pro Bowl this past year and was an AP First-Team All-Pro selection for the very first time in his career after this past season.
Hendrickson is in the final year of his contract and carries an $18.6 million cap hit this season.