The move will save the Falcons $7.5 million in cash and $6.5 million in cap space.
Samuel, a fourth-round pick in 2003, began his career with the Patriots where he had 22 interceptions in five seasons. In 2008, he signed a six-year, $56 million deal with the Eagles where he had 23 interceptions in four seasons, including nine in 2009. During the 2012 offseason, Samuel was traded to the Falcons for a seventh-round pick. He started 10 games in 2013 and managed just one interception.
The 33-year-old was scheduled to make $3.5 million in base salary in 2014.
Nicholas was taken by the Falcons in the fourth round of the 2007 NFL Draft. He played in 13 games last season and registered 33 tackles and one sack. He was set to make $3 million in base salary in 2014.