"I informed our general manager Mike Reinfeldt to move forward with plans to begin the process of identifying the next quarterback for our franchise," said Titans owner Bud Adams.
"He will inform Vince Young's agent that Vince will not be on our roster next season.
"I want to offer my personal thanks to Vince for all of his positive contributions to the club.
"These kinds of decisions are never easy and this is especially true for this particular player. I certainly wish that things would have worked out better, but I think it is best for the franchise that we move on at this point."
Coach Fisher remains under pressure to keep his post with Adams expected to make another announcement shortly.
"I also informed Jeff today that I was continuing the evaluation of the coaching staff and I am hoping to make a decision soon," he said.