The Patriots also announced the acquisitions of offensive lineman Jamey Richard, tight end Nick Melillo and defensive back Anthony Dennard.
Gonzalez becomes one of the first casualties of a crowded New England receiving corps. He was signed in the offseason to help bolster New England's already-strong stable of weapons surrounding Tom Brady, but obviously didn't stand out enough compared to the other Patriots receivers.
Gonzalez, 27, made a name for himself early in his Indianapolis Colts career, catching 94 passes for 1,240 yards and seven touchdowns over his first two seasons. But he has been hampered by injuries since, managing just five receptions over the last three seasons. He played eight games with the Colts in 2011 but didn't catch a single ball.