Head coach Doug Pederson told reporters Wednesday that he believes Bell is a "very good player," but the Eagles are "extremely comfortable with the guys we have."
"I think we've found our three-down guy in Miles [Sanders]," Pederson added.
Bell's tenure with the Jets was a mess virtually from the start. He signed a four-year deal with $35 million guaranteed in March 2019.
Mike Maccagnan, who was New York's general manager at the time of Bell's signing, was fired by the team two months later. Bell and head coach Adam Gase butted heads multiple times over the past 19 months.
Manish Mehta of the New York Daily News reported after Maccagnan's firing that Gase "absolutely did not want to sign" Bell.
On the field, Bell's results left a lot to be desired. The three-time Pro Bowler missed three games this season with a hamstring injury and has had 863 rushing yards on 264 carries in 17 games since the start of 2019.
Miles Sanders has cemented himself as Philadelphia's lead back. The 23-year-old has run for 316 yards, three touchdowns and is averaging 5.1 yards per carry on 62 attempts in four games this season.
Depth is an issue behind Sanders, with Carson Wentz the Eagles' second-leading rusher with 122 yards on 23 carries, but Boston Scott and Corey Clement will likely split duties when Sanders has to come off the field.