If the report is accurate, then Hasselbeck will become a free agent once the lockout ends and the Seahawks will need to trade for a new quarterback or sign one.
Rather than releasing him, the Bengals probably will let him retire or trade him, and being traded might be the best option. The Seahawks will have to give up a lot for Palmer, who is 31 years old and should have a couple of good years left in him.
Other options are Philadelphia Eagle Kevin Kolb, former Seattle Seahawk Seneca Wallace, Baltimore Ravens quarterback Marc Bulger and many others that could become free agents after the lockout.
My top five quarterbacks for the Seahawks to sign if they become free agents goes like this:
1. Carson Palmer
2. Kevin Kolb
3. Seneca Wallace
4. Marc Bulger
All five of these quarterbacks could be signed by the Seahawks and become the starting quarterback.
The other option would be sticking with backup quarterback Charlie Whitehurst.
Whitehurst started two games last year and didn't look very good in either of them. I don't know if sticking with Whitehurst would be the best idea for this franchise, unless they're looking for a top-5 draft pick, which maybe they are.
I think the best option would be to sign one of those five quarterbacks and make sure to draft a quarterback in the draft in the upcoming years to groom for the future.