Eric Allen of the Jets' official website announced Marshall has been waived.
In addition to Marshall, the Jets also released safety Marcus Gilchrist. The 28-year-old ended last season on injured reserve after suffering a torn patellar tendon in Week 14.
Marshall was Auburn's starting quarterback for two seasons in 2013-14. He helped lead the Tigers to the SEC championship and an appearance in the 2014 BCS National Championship Game against Florida State.
After leaving school, Marshall signed with the Jacksonville Jaguars as a cornerback and special teams player in 2015. He played 13 games for the Jaguars as a rookie, averaging 26.6 yards on 13 kickoff returns.
The Jets signed Marshall off Jacksonville's practice squad last October. He played in eight games for New York during the 2016 season.