With Toler gone for the season, it looks like rookie Patrick Peterson will take his place. Peterson was drafted fifth overall by the Cardinals in this year's draft.
Toler suffered the injury during Saturday night's game against the Chargers.
In 27 career games over two seasons with the Cardinals, Toler has 101 tackles, one sack and three interceptions.
Arizona also placed rookie running back Ryan Williams on IR due to a ruptured patella tendon in his right knee.
Williams suffered the injury during an August 19 preseason loss at Green Bay.
The Cardinals also released fullback Charles Ali, wide receiver Daiveun Curry- Chapman, linebackers Curtis Gatewood and Duke Lemmens and tackles Eric Mensik and Jason Speredon.
In addition, the team waived-injured safety Tommy Irvin (ankle) and wide receiver Max Komar (knee).