Sims suffered a left knee injury in Tampa's second preseason game and was placed on injured reserve Aug. 24.
Sims, 27, was selected by the Buccaneers in the third round of the 2014 draft.
The West Virginia product had two of his seasons (2014 and 2016) cut short because of injuries, but he served as a quality pass-catching complement out of the backfield when he was healthy.
In 2015, Sims experienced his finest campaign to date when he tallied 51 receptions for 561 yards and four touchdowns. All told, he finished that season with 1,090 all-purpose yards.
The Buccaneers re-signed Sims to a one-year contract in April, but the deal only included $200,000 in up-front guarantees.
Tampa will now push ahead with Peyton Barber and rookie Ronald Jones II as its primary backs.