Streveler was waived by the Cardinals on Tuesday, Darren Urban of the team's official site reports.
The quarterback was let go in a corresponding move to add Trace McSorley from the Ravens. Streveler most recently stepped in to play 22 snaps in Week 10 against the Panthers, completing six passes for 36 yards. The 26-year-old will now look for another team to give him an opportunity.