Nagging injuries, along with wear-and-tear at age 36 led to the decline of his play over the last two seasons with the Giants.
Following a physical, Parker was given a $250,000 injury settlement as part of his release.
Parker went to five Super Bowls with the Buffalo Bills and one with the New York Giants, yet never came away with a ring.
Parker's release provided $1.45 million in salary cap relief.
Here is the Giants.com official release statement.