Greg Auman of the Tampa Bay Times reported the news.
Smith, 27, missed all but one game of the 2016 season after suffering a torn ACL. He was on the field for seven snaps in Sunday's win over the New York Giants, his first on-field action in over a year.
A 2012 undrafted free agent, Smith bounced around from the Miami Dolphins to the New York Jets and Buffalo Bills before finally finding a hope in Tampa. He recorded 13.5 sacks in 27 games as part of the Bucs' defensive line rotation.
With the Bucs' pass rush struggling, it's a bit of an odd move to see them moving on from a guy who helped them in the past. Tampa ranks last in the NFL with one sack and has allowed opposing passers to have a 99.1 quarterback rating.
Odds are Smith will not have any issue finding work and could be a solid waiver-wire pickup for teams in need of edge rushing.