Lee, taken with the 20th overall pick that year, is now eligible to become a free agent after the 2019 season.
The decision was not a surprising one because the Jets signed free-agent linebacker C.J. Mosley, who plays the same position as Lee, earlier this offseason.
When GM Mike Maccagnan was asked about Lee's future at the GM Meetings in March, he did not sound very committed to the 24-year-old linebacker.
"I think it will work itself out over time," Maccagnan said.
Lee also did not report to Jets' voluntary offseason training program, another sign his future with Gang Green may not be long.
The Jets could also still try to trade Lee if they an find a suitor. He is due $1.8 million this season with a cap hit of $3.1 million.
Lee played 12 games for the Jets last season, finishing with 74 tackles, three interceptions and five passes defended. However, his season ended on a bad note when was suspended the final four games of the season for violating the league's substance abuse policy.