The team attempted to trade Reed for much of Friday without success, Ian Rapoport of NFL Media reports. Only a few minutes remain before the 4 p.m. ET transaction deadline for the day.
The Seahawks re-signed defensive tackle Al Woods earlier Friday.
Reed will become a free agent as soon as he is released.
Reed, a second-round choice in 2016, was entering the final year of his contract due to make $8.075 million in salary.
He started all 16 regular-season games in 2020 for the Seahawks.
The Seahawks will clear $8.5 million by releasing him, given that he had $425,000 in per-game roster bonuses.