NFL Network's Ian Rapoport originally reported the move, adding that Mathews passed his physical earlier in the day before getting cut.
Per Josh Alper of Pro Football Talk, Mathews had offseason neck surgery, and the Eagles waited until he could pass a physical before releasing him so they could avoid paying an injury settlement.
The 30-year-old veteran spent two seasons with the Eagles, but struggled to find his footing as a full-time starter.
After rushing for 539 yards and scoring seven touchdowns from scrimmage in 2015, Mathews rushed for 661 yards and scored nine touchdowns from scrimmage last season.
He appeared in 13 games in each of the past two campaigns.
Mathews played his first five seasons with the then-San Diego Chargers after they selected him with the No. 12 overall pick in the first round of the 2010 NFL draft out of Fresno State.
Durability was an issue for Mathews, but he did surpass 1,000 rushing yards twice with the Bolts and was named to his first and only Pro Bowl in 2011.
The Eagles signed LeGarrette Blount away from the New England Patriots this offseason, and their backfield became crowded with Darren Sproles, Wendell Smallwood and rookie fourth-round pick Donnel Pumphrey making Mathews expendable.