Arizona acquired him from the New Orleans Saints via trade during the 2017 campaign, and he appeared in six games for the team, tallying 448 rushing yards, 66 receiving yards and two touchdowns.
Adam Schefter of ESPN explained there was a financial incentive to release Peterson now since he was due a $750,000 bonus Friday. Schefter also noted Peterson could return to the Cardinals later this offseason.
The Oklahoma product was still largely a stopgap for Arizona in 2017 after it lost primary back David Johnson to a wrist injury in Week 1 and struggled to establish consistency with Chris Johnson and Kerwynn Williams.
A December neck injury ultimately cost Peterson the end of the season as well.
While he will be 33 years old in 2018 and coming off the physical setback, Josina Anderson of ESPN reported Peterson said "my neck is completely healed" and that he is "still looking forward to playing next season."
Peterson is one of the best running backs in league history as a seven-time Pro Bowler, the 2007 Offensive Rookie of the Year, the 2012 NFL MVP and a four-time First Team All-Pro selection who has led the league in rushing three different seasons. His 99 rushing touchdowns are tied for ninth all time, and his 12,276 rushing yards are 12th in NFL history.
Still, he managed a mere 3.5 yards per carry in those six contests and didn't resemble the dominant back he was on the Minnesota Vikings in his prime.