According to Farrior's agent Ralph Cindrich, via Twitter, the Steelers have decided to part ways with the veteran linebacker.
The two-time Pro Bowler and Super Bowl champ was due $2.825 million this season.
Farrior is the fourth Steeler veteran to be released this week. He joins Hines Ward, Aaron Smith and Chris Kemoeatu on the unemployment line.
Farrior signed with the Steelers following the 2001 season after he spent the first five seasons of his career with the New York Jets.
He started 154 games during his 10-year career with Pittsburgh. He also collected 30 sacks, eight interceptions and 1078 tackles as a member of the Steelers.
The 37-year-old will now hit the open market as his former employers look to fill his spot.
Meanwhile, the team recently met with Alabama linebacker Dont'a Hightower (via steelerdepot.com) at the NFL Scouting Combine.
Pittsburgh Post-Gazette and Steelers beat writer Gerry Dulac said via Twitter, "If Farrior goes, start fitting Steelers uniform for Dont'a Hightower."
The Steelers have been in salary cap trouble and have had to make tough decisions this offseason. Hopefully, those will get easier from here on out.