Holmes spent the first eight weeks of the season on the Cardinals' 53-man roster but was never targeted in the passing game. The 27-year-old will look to carve out an opportunity in Indianapolis.
Holmes was released by the Cardinals on Tuesday, Darren Urban of the team's official site reports.
Holmes was released to make room for veteran tight end john Phillips on the 53-man roster. The 27-year-old has not logged a reception in his NFL career, and will remain off the fantasy radar even if he's able to find a depth role elsewhere in the league.
Holmes got the start in Friday's preseason game against the Saints, catching both of his targets for 34 yards.
Holmes started for a second straight week, splitting first-team work with Rickey Seals-Jones. While the latter is far more intriguing for fantasy purposes, Holmes seems to have a real shot at the Week 1 starting job in the presumed absence of Jermaine Gresham (Achilles).