Britt is in the midst of the first year of a four-year, $32.5 million contract he signed with the Browns during the offseason, per Spotrac.
In nine games this season, Britt has made 18 receptions for 233 yards and two touchdowns.
The 29-year-old was made expendable when troubled Browns wideout Josh Gordon returned to the lineup against the Los Angeles Chargers in Week 13.
Britt is currently nursing a knee injury, and he has already missed some time this season with knee and groin ailments.
Per Rapoport, the decision to waive Britt was made after the firing of executive vice president Sashi Brown and hiring of general manager John Dorsey this week.
Brown was reportedly a fan of Britt and wanted him to play, while head coach Hue Jackson was not.
In addition to his inconsistent play, Britt was sent home from Houston in October after missing curfew prior to the Browns' loss to the Houston Texans. Britt was not set to play in that game due to injury.
While Britt has struggled mightily in 2017 with rookie quarterback DeShone Kizer under center, he enjoyed a career year in 2016 with 68 receptions for 1,002 yards and five touchdowns as a member of the Los Angeles Rams.
Prior to joining the Rams in 2014, Britt spent the first five years of his career with the Tennessee Titans as a 2009 first-round pick out of Rutgers.
At 6'3" and 215 lbs., Britt is an intriguing potential waiver wire pickup for teams in need of help at wide receiver due to his size, experience and overall ability.