Parker was asked to take a pay cut and declined. He will become a free agent after five seasons with the Chiefs.
The move will save Kansas City almost $5 million against the salary cap. He was scheduled to count almost $7 million against the cap this year.
Parker, 30, has been a starter for the Chiefs each of the past four seasons. He’s missed just one game during that time.
He had 67 tackles, four passes defended and two interceptions last season. He has nine interceptions in his career.