The move is reported to have no impact on contract talks between the Titans and Johnson, who has held out since the beginning of training camp.
He has totaled more than 1,000 yards rushing in each of his three NFL seasons, including 2,006 in 2009.
Tennessee has also cut defensive tackle Jovan Haye.
Haye, a seven-year veteran, started 15 games for the Titans in 2009 and appeared in 14 games last season -- one start.
In order to trim the roster to 80 players, Tennessee waived linebackers Jonathan Cornell and Kevin Malast, punter Chad Cunningham, fullback Patrick Hillis, quarterback Brett Ratliff, safety Nick Schommer, wide receiver Owen Spencer and long snapper John Stokes.