Short of a trade in the next two days, the Tampa Bay Buccaneers are expected to release cornerback Darrelle Revis by 4 p.m. ET Wednesday, according to league sources.

The time is important because Revis has a $1.5 million roster bonus due on Wednesday, and the fourth-round pick the Buccaneers traded to the New York Jets last year would become a third-round pick if Revis is on Tampa's roster as of 4:01 Wednesday.

Thus, rather than lose the money and the extra round, the Bucs will try to trade Revis before then and if no deal is worked out, would likely release him. Either way, the Jets are expected to receive a fourth-round pick from Tampa, not the Buccaneers' third.

Though Tampa Bay would get nothing in return for Revis if it winds up releasing him, it would save the money and the pick, and it instantly would free up $16 million in salary cap space -- all of which had been slated to go to Revis -- to go spend on other players or re-sign its own.

At least one team around the league said the Buccaneers had been open to dealing Revis since the combine. The Buccaneers have been attempting to trade him but Revis' contract -- $16 million per year -- has been too prohibitive for other teams to pick up.

The two sides have discussed a restructured contract but have been unable to come to an agreement so far, according to sources.