Davis, who had just four carries for 9 yards this season, had been unhappy with his role and playing time. He wrote on his Twitter account, "Finally was granted with my wish."
"As with any move like this, I wish James well and hope he's able to take advantage of his next opportunity," Browns coach Eric Mangini said in his news conference Tuesday.
His agent told The Plain Dealer on Monday that Davis didn't ask to be waived. Bob Hunter also told the paper he was surprised the Browns didn't use Davis more.
Davis played in two games as a rookie before suffering a season-ending shoulder injury during practice.
"He's another really good size back, physical back, strong runner, so I liked all those things about him," Mangini said. "And now I think he fits in with the things that we're trying to do."
The Associated Press contributed to this report.