Lloyd leaves the Patriots almost a year to the day he signed for the Patriots.
The New England Patriots have released wide receiver Brandon Lloyd after just a single season with the franchise, reports NFL.com.
Sources had suggested that the two parties had entered into discussions over a restructured deal, although it has now become apparent that they could not agree on terms.
Lloyd was scheduled to earn a base salary of $1.9m in 2013, which would have come along with a salary cap charge of $4.9m. He leaves one season into a three-year deal, with New England saving money with his release.
Despite the Patriots being keen on extending his stay with the team, they were speculated as not being keen on picking up a $3m roster bonus Lloyd was due this weekend.
The 31-year-old started 15 of 16 games last season, finishing with 74 receptions for 911 yards and four touchdowns.
He started in two post-season games and added 12 receptions for 102 yards and one touchdown, but will not be adding to his numbers with the Patriots as he enters the free agency market.
There is still the possibility the two will re-negotiate, despite the arrivals of Danny Amendola and Donald Jones, the Patriots are still light at wide receiver following the departure of Wes Welker.
However, for now Lloyd’s future does not lie with New England as both he and the team face questions ahead of the new season.