Foles had requested his release, a source told ESPN's Adam Schefter.
The Rams tried to trade Foles but were unsuccessful, a source told ESPN's Dan Gaziano. Foles will now become an unrestricted free agent.
Foles skipped the Rams' offseason workouts, unhappy that the team used its No. 1 overall pick to select quarterback Jared Goff, sources had told ESPN.
The Rams have been working with Foles since the draft to find an equitable solution for both parties, sources told ESPN's Ed Werder.
He started the first nine games but was benched for Case Keenum after throwing only seven touchdowns with six interceptions and five fumbles during a 4-5 start.