Fisher, who has been coach of the Titans since their formation in 1997, publicly clashed with Young in November and it was expected that at least one of them would leave the club.
"I informed our general manager Mike Reinfeldt to move forward with plans to begin the process of identifying the next quarterback for our franchise. He will inform Vince Young's agent that Vince will not be on our roster next season," Titans owner Bud Adams said Wednesday in a statement.
"I want to offer my personal thanks to Vince for all of his positive contributions to the club. These kinds of decisions are never easy and this is especially true for this particular player. I certainly wish that things would have worked out better, but I think it is best for the franchise that we move on at this point."
"I also informed Jeff (Fisher) today that I was continuing the evaluation of the coaching staff and I am hoping to make a decision soon," he said.
Young was drafted by the Titans with their first round (third overall) pick in the 2006 draft but had to battle for the starting role with the more experienced Kerry Collins in the past three years.
The Titans finished last in the AFC South with a 6-10 record.
(Reporting by Simon Evans in Miami, editing by Steve Ginsburg)
Receive your weekly recap of all the happenings around the world of sports.