Johnson, who set team records for most rushing yards in a season and longest rushing play during his six seasons with the Titans, is coming off a campaign where he averaged career-low 3.9 yards a carry.
"As an organization, we want to thank Chris for his contributions," Titans General Manager Ruston Webster said in a statement. "Chris produced many memorable moments, broke franchise records and was durable over his six year career with our team."
The three-time Pro Bowl running back rushed for a franchise-record 2,006 yards in the 2009 season and set the Titans mark for longest rushing play when he ran for a 94-yard touchdown during the 2012 season.
But the 28-year-old Johnson, taken by Tennessee in the first round of the 2008 National Football League Draft, has not been able to maintain that performance and the Titans have missed the playoffs for a fifth consecutive year.
According to a report on the NFL's website, the Titans had hoped to trade Johnson, who is set to make $8 million in 2014 under his old contract, but there was not enough interest.
(Reporting by Frank Pingue in Toronto; Editing by Gene Cherry)
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