8:45pm: The Vikings will not designate Jennings as a post-June 1 cut, according to Goessling on Twitter. That means Jennings’ release saves the Vikings $5MM, but $6MM worth of dead money remains on the team’s 2015 cap.
7:20pm: Jennings reportedly failed his physical, according to ESPN’s Adam Caplan on Twitter.
2:07pm: Jennings was asked to restructure his contract in order to remain with the team, but the two sides were unable to reach an agreement, according to Goessling (via Twitter). Jennings was willing to take a pay cut, writes Darren Wolfson of 5 Eyewitness News (via Twitter). The two sides must not have been able to agree on a number, according to Wolfson.
1:16pm: The Vikings have released veteran wide receiver Greg Jennings, according to the team’s public relations and communications department (via Twitter).
The team will save $5MM in cap room by cutting Jennings, according to Jason Fitzgerald of OverTheCap.com (via Twitter). Ben Goessling of ESPN adds that he expects the team to designate him a post-June 1st cut in order to save another $4MM (via Twitter).
Jennings’ release comes shortly after the team traded for Mike Wallace. The Vikings attempted to sign Wallace in 2013 but landed Jennings instead, according to Field Yates of ESPN (via Twitter).