Davenport, who joined the Steelers in 2006 after being released by Green Bay, had been the primary backup to starter Willie Parker. The Steelers' selection of Rashard Mendenhall and signing of free agent Mewelde Moore during the offseason made Davenport expendable.
Davenport rushed for a career-high 499 yards on 107 carries with five touchdowns last season. He started the regular season finale and the team's playoff loss to Jacksonville after Parker broke his leg.
The Steelers now have 75 players on their roster with seven unsigned draft picks. International player Marvin Allen is exempt from the 80-man roster count.