Colvin signed with the Patriots as an unrestricted free agent in March 2003.
In his first season in New England, he started the first two games before suffering a season-ending hip injury at Philadelphia on Sept. 14.
He played in the first 11 games last season before missing the remainder of the season and the playoffs with a foot injury suffered Nov. 25.
He has 414 tackles, 52.5 sacks, three interceptions, 13 forced fumbles and nine fumble recoveries in nine seasons with the Patriots and Bears.
The Patriots on Tuesday also released linebacker Oscar Lua, the team's seventh-round draft pick in 2007 who missed the entire season with a knee injury.