The Patriots will release quarterback Tim Tebow on Saturday, FOX Sports NFL Insider Mike Garafolo confirms.
Tebow, who threw two touchdowns and an interception in New England's final preseason game Thursday, survived the Patriots' previous rounds of cuts.
The 26-year-old QB signed a two-year contract with the team that included no guarantees in June.
Tebow went 11 of 30 for 145 yards with two touchdowns and two interceptions in three preseason games.
Tebow, a first-round draft pick by the Broncos in 2010, played for the Jets in 2012 after two seasons with Denver.
Tebow's stay with the Patriots lasted just less than 12 weeks and could signal the end of his NFL career. The former Heisman Trophy-winning quarterback played in just three of New England's four preseason games, and was sacked four times in the finale, a 28-20 win over the New York Giants on Thursday night.
The Patriots, in the Bill Belichick era, traditionally carry just two quarterbacks, and with Ryan Mallett entrenched as the backup to Tom Brady, Tebow's challenge was a difficult one, even before the preseason started. Then, he went out and posted a quarterback rating of just 47.2 and threw just two touchdown passes to go along with two interceptions.
The Associated Press contributed to this report