Source: 49ers will release Aldon Smith

— -- The San Francisco 49ers will cut Aldon Smith following the 25-year-old linebacker's arrest Thursday night on hit and run, driving under the influence and vandalism charges, a team source tells ESPN's Jim Trotter.

The 49ers are holding a news conference on Friday afternoon.

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Smith was booked into the Santa Clara County jail and held on $26,000 bond before his release Friday. Authorities said they would provide more information later Friday morning.

This is the 25-year-old Smith's third arrest on suspicion of drunken driving since entering the league in 2011 as a first-round draft pick out of Missouri.