The Philadelphia Eagles formally released cornerback Nnamdi Asomugha just before the start of Tuesday's free agency period, putting an end to the once-coveted cover man's disappointing two-year tenure with the team.

The Eagles signed Asomugha, widely considered to be the prize of the 2011 free-agent class, to a lucrative five-year, $60-million pact shortly after the lockout, but the four-time All-Pro generally failed to meet expectations over his two seasons and was scheduled to earn $15 million in 2013.

Philadelphia will still owe Asomugha, who had been among the league's elite corners during his eight seasons with the Oakland Raiders, $4 million for this coming season, but weren't able to reach an agreement with the 31-year-old on a restructured pact.

"We spoke to his representatives at the Combine about his future status with the team and wanted to take time to analyze and make a decision," Eagles general manager Howie Roseman said in a statement. "In the end, Coach [Chip Kelly] and I both felt we needed to move in a different direction at the cornerback position for 2013 and beyond."

Asomugha played in all 32 games with the Eagles over the past two seasons, recording a total of four interceptions and 17 passes defensed, but was one of the prime culprits in a shoddy secondary that permitted a league-high 33 touchdowns through the air during Philadelphia's rough 4-12 campaign of 2012.

"Coach Kelly and I each had a chance to speak with Nnamdi earlier and he took the news with a lot of class," said Roseman. "We expected nothing less than that from him. He has been a true pro on and off the field for this organization and our community, and we wish him all the best as he continues his NFL career."

A first-round draft choice of Oakland in 2003, Asomugha went to three straight Pro Bowls with the Raiders from 2008-10 prior to joining the Eagles.