"We spoke with Trent and his agent and expressed a desire to have him back. We have been talking for a couple of weeks. However, at this point, we think it's best to let him explore other options," Philadelphia Eagles head coach Chip Kelly said, as per the Eagles Twitter account.
On Tuesday, ESPN reported the release was imminent.
Cole spent 10 seasons with the Eagles, playing in 955 regular season games.
The 2-time Pro Bowler, drafted by the Birds in 2005, accumulated 85.5 sacks and 19 forced fumbles.