Before he was cut, Bennett did not play in the Packer's 30-17 loss to the Minnesota Vikings on Monday Night Football this week and was not expected to start against the Chicago Bears on Sunday.
Bennett was listed as having not practiced on his last day with the team on Wednesday.
The tight end signed with the Packers this past offseason as a free agent to a three-year, $21 million contract with a $6.3 million signing bonus. In his seven games for the green and gold, he had 24 catches for 233 yards.
Earlier this season, Bennett suggested he was considering retirement after the 2017 season.