Mike Garafolo of NFL Network reported the news, noting the deal would have been worth $13.9 million for the 2019 campaign.
The No. 7 overall pick in the 2015 draft has only played five total games in his career, as he has been unable to avoid injuries.
He had two catches for six yards in Week 1 last season before going on injured reserve with a broken shoulder blade. The year before, he suffered a high-ankle sprain that limited him to just five games, while he lost his entire rookie season to a stress fracture in his shin.
Despite entering the league with plenty of promise, he only has 21 catches through three seasons.
While all first-round picks come with a team option for the fifth year of the contract, this was likely an easy call for the Bears.
The addition of Allen Robinson this offseason lessens the need for a No. 1 receiver to help out second-year quarterback Mitchell Trubisky. However, White will get one more opportunity to prove himself in 2018.
He still possesses loads of upside as an athletic player with good size at 6'3" and strong hands; all he needs is to find a way to stay on the field.
If he can avoid injuries this season and showcase his talent, he could earn himself a big contract from someone in the offseason.