Other media sources seem to back this up:
This wouldn't be a major surprise because Holmes has a 2014 cap number which is excessive given his recent production and the Jets can create significant extra cap room by letting him go. Getting cut in February wouldn't necessarily preclude Holmes from returning later on a lower salary, as Calvin Pace did last year, but it seems unlikely.
Holmes got off to a great start with the Jets after being acquired for a 5th round pick in 2010. He had a series of clutch plays to help the Jets reach the AFC Championship Game for the second straight year and then signed a blockbuster deal after the season. 2011 ended in disappointing fashion as the Jets lost their last three games to miss the postseason, with Holmes - who had been named a captain at the start of the season - seeing his frustration boil over in the last game. 2012 began well, but ended prematurely when he suffered a career-threatening Lisfranc fracture in his foot. In 2013, he unexpectedly made it back in time for the start of the season and did have one or two good moments, but ultimately had an injury plagued season with disappointing production.
Always a polarizing figure during his time with the team, I personally felt that Holmes got a raw deal from the media, with whom he shared an obvious mutual contempt. We've heard multiple accounts from behind the scenes that Holmes was a terrific mentor to the young receivers on the team and is a good teammate. However, he's not been a popular figure among the fanbase over the last few years, so many people will be glad to see him gone.
Holmes ultimately will have earned approximately $25m over four seasons with the Jets.