Update: New York made the move official on Tuesday, shortly after the start of free agency.
The New York Jets are expected to release wide receiver Percy Harvin, according to Ian Rapoport of the NFL Network. Harvin was traded to the Jets from the Seattle Seahawks in October and played eight games with New York in 2014.
Reports of Harvin's fate with the team come just hours after the Jets acquired former Bears receiver Brandon Marshall in exchange for a fifth-round pick.
The 2009 AP Offensive Rookie of the Year had an underwhelming campaign in his half-season with the Jets. He caught 29 passes for 350 yards and added 110 yards on the ground. Harvin also was the Jets' primary kick returner, averaging 24.8 yards on 20 returns. The only touchdown he scored with the Jets was a 35-yard catch during a Week 14 loss to the Minnesota Vikings.
Harvin had four years and $41.5 million remaining on his contract but none of it was guaranteed. He was set to count $10.5 million against the Jets salary cap in 2015, the second-highest amount on the team. Because he has no guaranteed future money, Harvin's entire cap charge comes off the books and the Jets will realize an eight-figure savings for their 2015 salary cap by cutting him.
Taking Harvin's contract off the books makes it a push on cap space for Marshall, who will count $9.575 million against the cap this year, unless the Jets restructure his deal.
In addition to his underwhelming performance, Harvin also has a history of injuries and does not have the best reputation off the field. He had already been cast away by two previous franchises (Vikings and Seahawks) in two years, even before the Jets decided to let him go. Harvin's playmaking skills and athleticism make him an intriguing talent, but any team that decides to gamble on the wideout will have to weight the risks of putting him on the roster given his uneven track record.
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