Hasselbach, 6-6 and 285 pounds, has played in 112 regular season games over his seven NFL seasons (1994-2000), with 29 starts. He also has appeared in 9 playoff games and started three.
Hasselbach is reunited with Packers defensive Coordinator Ed Donatell, who was Denver's defensive backfield coach during five of Hasselbach's seasons with the Broncos (1995-99).
Hasselbach entered the NFL as a free agent, signing with Denver in 1994 after spending four years as a defensive starter with the Calgary Stampeders of the Canadian Football League after graduating from Washington in 1989.
Reynolds, the Packers top draft pick this year, has been sidelined since Aug. 17 with a bruised knee that he suffered during practice.
The Packers also released cornerback Kevin Kaesviharn, and defensive linemen DeAngelo Lloyd and Harry Deligianis.
The latest cuts reduce the Packers' active roster to 69 players, plus tight end Adam Newman and linebacker Donnie Spragan, both exempt until next Sunday's final roster reduction because of having played in the NFL Europe League during the 2001 season.