Haynesworth, who was claimed by Tampa Bay off waivers after being released by the New England Patriots in November, had 20 tackles in seven games for the Buccaneers last season.
"I appreciate Albert playing for us after some key injuries this past season," Buccaneers general manager Mark Dominik said in a statement. "He was very professional and we now wish him all the best as he moves forward."
Haynesworth was taken with the 15th overall draft pick in 2002 by the Tennessee Titans, where he spent seven seasons and developed into one of the NFL's premiere defensive tackles and earned Pro Bowl honors in 2007 and 2008.
He then signed a seven-year, $100 million contract with the Washington Redskins ahead of the 2009 season but failed to perform up to expectations.
Following several run-ins with Redskins coach Mike Shanahan and issues about conditioning, Haynesworth was traded to the New England Patriots last season but was placed on waivers after six games.