A third-round draft pick (No. 84 overall) out of Texas in 2010, Shipley had an impressive rookie season, catching 52 passes for 600 yards and three touchdowns as the No. 3 receiver in a group headlined by Chad Johnson and Terrell Owens.
In 2011, Shipley had four receptions for 14 yards before tearing the anterior cruciate ligament in his left knee in Week 2. Shipley was limited in drills during the offseason, but he was cleared to participate at the start of training camp and had one reception for 4 yards in two preseason games.
Following Thursday night's 24-19 preseason victory over the Atlanta Falcons, Joe Reedy of The Cincinnati Enquirer observed that Shipley's knee was wrapped in ice and suggested the leg wasn't responding the way the receiver and the Bengals had hoped.
Shipley, 26, has two seasons at league-minimum base salaries remaining on his rookie contract. Despite his injury history, his cheap contract might prompt a team looking for help in the slot to place a waiver claim on him. The Dallas Cowboys could be a possibility for the Temple, Texas native, as could the Jacksonville Jaguars, where former Bengals offensive coordinator Bob Bratkowski is running the offense.
In addition to Shipley, the Bengals waived first-year kicker Thomas Weber.
Follow Brian McIntyre on Twitter @brian_mcintyre.