Schaub struggled last season and lost his starting job.
“On behalf of the Houston Texans organization, I’d like to thank Matt Schaub for the contributions he has made to this franchise on and off the field,” general manager Rick Smith said. “Matt and his wife, Laurie, have given so much back to the Houston community through their GR8 Hope Foundation and have really served as role models here in so many ways. We wish the entire Schaub Family well in the future.”
Schaub is the Texans' all-time leading passer and a two-time Pro Bowl seleciton.
In 10 NFL seasons with Atlanta and Houston, Schaub has started 90 of the 128 games he has played in and has passed for 24,254 yards, 130 touchdowns, 84 interceptions and an 89.8 passer rating.
The Texans signed quarterback Ryan Fitzpatrick to a two-year, $7.5 million contract Thursday.
Fitzpatrick is expected to mentor a rookie quarterback as the Texans hold the top overall pick and may draft a quarterback as their new franchise quarterback.
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Aaron Wilson covers the Ravens for The Baltimore Sun