Entering his fourth season, Bell was unwilling to have his one-year, $1.26 million deal reduced to $700,000, Vaughn McClure of the Chicago Tribune reported.
"I didn't see no sense in a taking a paycut," Bell said.
He showed promise last season filling in for Forte, rushing for 337 yards on 79 attempts, good enough for 4.3 yards per carry.
Armando Allen and Lorenzo Booker will now compete for time behind Forte and Bush. Bell flew with the team to New Jersey ahead of Friday night's game against the New York Giants, but will now travel back to Chicago and wait for the phone to ring. We expect him to generate interest -- he's only 25 -- but Bell's services will come at a more affordable price this time around.
Follow Marc Sessler on Twitter @MarcSesslerNFL.