According to ESPN's Adam Schefter, that will come today. The Bills will release Schobel and he plans on signing with a new team.
For the Bills, it's a perplexing move. His age and his salary likely make it nearly impossible to trade him but it's hard to imagine why they would let him walk without getting anything in return.
Unless the Bills decided that they wanted to do Schobel perhaps the biggest favor of his life, I don't get the logic behind this decision. As an unrestricted free agent, the market for Schobel's services could be significant, and Buffalo didn't technically have to do anything with him. On the Reserve/Did Not Report list, he didn't count against the team's active roster, and the team could have left him there indefinitely.
There's no word on who might be interested but Schefter speculates that Houston, Schobel's hometown, could be interested.
Check out Buffalo Rumblings for more news on Aaron Schobel.