Lofton, a salary cap casualty, signed with the Saints in 2012 and quickly became a team leader on and off the field.
The team captain finished last season with 144 tackles, one forced fumble and a recovered fumble.
Last week the team reportedly looked to deal Lofton, but could not find a team to trade for the veteran linebacker.
If Lofton would have played with the Saints this season he would have counted $9.25 million against the team's salary cap.
Last week the Saints parted ways with popular running back Pierre Thomas.
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