Coleman's release comes as no surprise after his role diminished in New Orleans throughout the season. He played only three snaps during the Saints' two playoff games.
And they will save at least $4 million against the salary cap by releasing the nine-year veteran -- $5.5 million if they designate it as a post-June 1 release.
Coleman, who turns 31 in April, signed a three-year, $16.35 million contract with the Saints after being released by the rival Carolina Panthers around this time last year. But he wound up making just $6.3 million over one year. He has no additional guarantees on his contract.
Coleman played in all 18 games for the Saints, with a total of 33 tackles and one forced fumble, including the playoffs.
The 5-foot-11, 208-pounder began his career as a seventh-round draft pick with the Philadelphia Eagles in 2010 and also spent time with the Kansas City Chiefs. He has 23 career interceptions and six forced fumbles, including the playoffs.
Coleman's best season came with the Panthers in 2015, when he had seven interceptions in the regular season and two more in the playoffs to help lead Carolina to a Super Bowl. He was also named a captain for the Panthers in 2017.