That will save Seattle $4.75 million in salary cap space.
The Seahawks traded Lane to the Texans as part of the Duane Brown deal, but Lane failed his physical and returned to Seattle.
Lane, 27, was arrested in January for DUI.
Seattle made Lane a sixth-round pick in 2012, and in six seasons, he has played 70 games with 21 starts. He is signed for two more years with non-guaranteed salaries of $6 million each season.