On Wednesday, the Packers cut Bennett, a former Texas A&M star, with a failure to disclose a medical condition designation.
Bennett is now subject to waivers.
He didn't play in the 30-17 loss on Monday to the Detroit Lions after being listed as doubtful for the game.
The Packers were Bennett's fifth team in a 10-year career, as he played four seasons with the Dallas Cowboys, one season with the New York Giants, three seasons with the Bears and one season with the New England Patriots, winning the Super Bowl last year. If they do, Bennett would have to return $4.2 million.
Bennett had been battling a shoulder injury. Per ESPN, the team is positioned to file a grievance to reclaim the prorated $4.2 million remaining on his $8 million signing bonus.
During a recent Instagram post, Bennett hinted that he could retire at the end of this season.
Bennett had 24 receptions for 233 yards no touchdowns in his short stint in Green Bay.
The Packers will look to veterans Lance Kendricks and Richard Rodgers to serve as the top tight ends in their offense moving forward.
"I know he was in here yesterday, there's a number of opinions that he's working through, he met with our medical staff yesterday, so they're still going through the process, but he will be out against Chicago", McCarthy said before Wednesday's practice. "So if Marty is there, great".