Mathews was medically cleared on Tuesday, opening up the opportunity to release him without an injury settlement.
NFL Network's Ian Rapoport originally reported the move, adding that Mathews passed his physical earlier in the day before getting cut. "We spoke today and had a productive conversation about his future and the direction of our team going forward".
Had he been on the roster, Mathews was set to count $5 million against the salary cap this season.
He's still an excellent running back when not hurt or fumbling. Mathews' best year came in 2013 when he rushed for 1,255 yards and six scores while with the Chargers.More news: Justin Thomas to defend CIMB Classic title
The 29-year-old Mathews was entering the final season of a three-year contract he signed with the Eagles.
The Eagles revamped their crop of running backs this spring by drafting Donnel Pumphrey in the fourth round and signing veteran LeGarrette Blount to replace Mathews as the team's big-bodied back.
Mathews started eight games last season for Philadelphia in 2016, rushing for 661 yards and eight touchdowns and also catching 13 passes for 115 yards and a touchdown. Teams with depth issues at running back like the Baltimore Ravens, who lost starter Kenneth Dixon for the season already, could take a look at Mathews now that he's free.