Lockett will be free to sign with any team after 4:00 p.m. Eastern (22:00 CET) on Wednesday.
The 33-year-old receiver has just 70 yards on 10 receptions through the Titans' first seven games this season as they currently sit with a 1-6 record.
Lockett signed with Tennessee in the offseason to a one-year deal and his experience has been anything but impressive. Only two-year receiver Bryce Oliver had fewer yards (8) than Lockett and he's played just two games this year.
The three-time All-Pro receiver is currently in his 11th season, having spent the previous 10 with the Seattle Seahawks.
Lockett posted four straight seasons (2019-2022) and was named First-Team All-Pro after his rookie season in 2015. The following two years, he would go on to receive two Second-Team All Pro honours.
Over the course of his career, Lockett has 8,664 receiving yards and 61 receiving touchdowns on 671 receptions over 168 games (135 starts).