Cameron joined the Dolphins as an unrestricted free agent last March after four seasons with the Cleveland Browns. He started all 16 games in 2015, totaling 35 receptions for 386 yards and three touchdowns.
According to Andrew Abramson of the Palm Beach Post, Cameron was set to earn $7.5 million this year and would've cost $9.5 million against the cap.
The move will save the Dolphins $1.5 million, according to Fox Sports’ Alex Marvez. Cameron’s base salary drops from $7.5 million to $6 million. His contract will still expire after this season.
He will now count for $8 million against the cap.