Running back Toby Gerhart will be released by the Jacksonville Jaguars on Wednesday, according to NFL Network's Ian Rapoport. The Jaguars are moving on after reaching a deal with former New York Jets running back Chris Ivory..

The move saves Jacksonville $3.5 million in cap space, per Over The Cap.

A second-round draft pick out of Stanford in 2010, Gerhart spent his first four seasons backing up Adrian Peterson in Minnesota. The Jaguars signed him to a three-year, $10.5 million contract with $4.5 million guaranteed. At the time, it looked like a coup for Jacksonville, which was looking for a successor to Maurice Jones-Drew in the backfield.

However, Gerhart's Jacksonville stint was a bust. He played 14 games in 2014, but injuries sapped his production, and he finished the year with just 326 rushing yards and two touchdowns, averaging 3.2 yards per carry. He was eventually passed up by Denard Robinson on the depth chart.

In the 2015 NFL Draft, Gerhart was further marginalized when the Jaguars selected Alabama's T.J. Yeldon in the second round. Yeldon became an immediate every-down back, with Robinson serving as a change-of-pace player. Gerhart barely saw the field in 2015, getting just 20 carries for 44 yards in seven games before hitting injured reserve with a sports hernia.

Gerhart turns 29 in late March and has thoroughly proven himself to be a backup-caliber player. He will likely have to settle for a training camp battle with whichever team signs him.