The 30-year-old Babineaux started 12 games for the Titans in 2012, recording 96 tackles, defending six passes and recording one interception. The Titans recently added ex-Bills safety George Wilson.
Petrus, 25, appeared in two games for Tennessee in 2012, starting one. He also had stints with the Giants and Patriots last season.
Jim Wyatt of the Nashville Tennessean first reported the news of the departures of Babineaux and Petrus.