Reynolds made 10 starts last season but finished behind Peter Konz on the depth chart.
The Falcons selected Reynolds, from North Carolina, in the fifth round of the 2009 draft. He made 23 starts and played in 42 games over five seasons.
The release of Reynolds came one day after the Falcons signed offensive lineman Gabe Carimi, a first-round pick by the Bears in 2011. Carimi played two seasons with Chicago and appeared in 14 games, including three starts, with Tampa Bay in 2013.