Teel, a sixth-round draft pick out of Rutgers, never got in a game for the Seahawks but was the third-string QB all last season behind Matt Hasselbeck and Seneca Wallace.
New coach Pete Carroll and his staff have quickly revamped that group, with Hasselbeck now backed up by Charlie Whitehurst and Losman, who signed a one-year deal earlier Wednesday.
Teel broke the news himself, posting a note on his Twitter account thanking Seahawks fans.
“Thanks to everyone in Seattle. All of you have been great, I enjoyed my time here,” Teel wrote.
The club confirmed that Teel was waived from its active roster Wednesday evening.
Teel, 24, completed 20 of 41 passes for 238 yards with three touchdowns and one interception in four preseason games last year for Seattle.