The Patriots released wide receiver Brandon Lloyd, the team announced Saturday.

Lloyd was due a $3 million roster bonus by the weekend, and the expectation had been that the club would not pick it up. But a source said that the sides recently entered into talks on a restructured contract, although it's now apparent they could not strike a deal.

Lloyd was scheduled to earn a base salary of $1.9 million in 2013, and would have had a salary cap charge of $4.9 million. The Patriots were open to keeping Lloyd with a reduced salary.

One of the team's starting receivers in 2012, Lloyd played in 84.8 percent of the offensive snaps and finished with 74 receptions for 911 yards and four touchdowns.

Jeff Howe of the Boston Herald first reported news of Lloyd's impending release.