Miller, 29, missed the majority of the 2014 season due to a second ankle surgery in less than a year.
He took a pay cut to stay with the Seahawks last season, managing just six receptions for 76 yards in three games.
Miller was due a $2 million roster bonus in addition to a $2.8 million salary. The team will save just over $2 million in cap space with the release.
Although Miller's recent injury history might scare off a few teams, he should have little trouble securing an opportunity to compete for a starting job. The Buccaneers are an interesting match, as Miller played for new offensive coordinator Dirk Koetter at Arizona State.