ESPN's Adam Schefter reported the news.
After signing with the Saints in the offseason, Peterson's tenure didn't go as planned. The 2012 NFL MVP had just 27 carries through the first four games before being traded to the Cardinals prior to Week 6.
The Cardinals were desperate for help at running back after David Johnson was injured in Week 1. Peterson had his two best games of the season after the deal, running for 134 yards in Week 6 against the Tampa Bay Buccaneers and 159 yards in Week 9 against the San Francisco 49ers.
Given Peterson's age (32) and limited playing time since the start of 2016—he missed 13 games last season with a knee injury—the Cardinals asked a lot of him with a combined 63 carries in those two games.
The Cardinals will likely continue to use Kerwynn Williams as the No. 1 running back, just as they have the last two games.