L.G. Patterson/Associated Press

The Los Angeles Rams traded for quarterback Nick Foles last offseason, but after a disappointing 2015 campaign from their potential signal-caller of the future, they reportedly elected to release him Wednesday.

Mike Garafolo of NFL Network first reported the news, noting that a trade "never materialized" and that Foles is not "subject to waivers." His colleague Ian Rapoport confirmed the move.

Foles asked for his release and was granted the request, per Garafolo.

Myles Simmons of TheRams.com provided a statement from head coach Jeff Fisher on Foles' release:

Cutting Foles means the Rams have to pay a steep price of $9.75 million in dead cap money this year, per Spotrac, including $1 million for the last year on Foles' original contract.

Foles had a real chance to be the solution under center in L.A. and could have carried a ton of momentum into an exciting move to the City of Angels. Unfortunately for him and the Rams, it didn't pan out that way.

The 27-year-old posted a putrid 69.0 passer rating in 2015, completed 56.4 percent of his passes and threw seven touchdowns against 10 interceptions in 11 games. That's a far cry from the 27 touchdowns against two interceptions he logged in 2013 with the Philadelphia Eagles—a big reason the Rams invested in him.

Once Los Angeles acquired the No. 1 overall pick in the 2016 NFL draft from the Tennessee Titans, Foles' stint with the Rams was all but over, especially after the team selected QB Jared Goff.

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Prior to the draft, Pro Football Focus' Sam Monson had a particularly harsh assessment of Foles:

Being surpassed on the depth chart by former undrafted free agent Case Keenum, whose physical tools to play QB in the NFL pale in comparison, showed how far Foles had fallen in such a short time. Even with the benefit of playing with an electric running back in Todd Gurley, Foles still couldn't get the job done.

Foles didn't show up for the start of organized team activities, which was another indication that his days with the franchise were numbered.

Anyone who considers signing Foles now has to hope he bounces back in a big way, though investing minimally in someone who played at as high a level as he did in 2013 isn't the worst personnel move.

As for the Rams, this transaction shows they are intent on moving forward with Goff in a new, exciting era for the organization. L.A. also has some QB insurance with last year's third-round pick Sean Mannion on the roster.