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The Eagles announced the release as a roster move.
REALTED: NFL player blames gun possession on Houston
Huff was pulled over for speeding on the New Jersey side of the Walt Whitman Bridge around 11 a.m. Tuesday.
He was charged with possessing a 9mm handgun without a permit in New Jersey and for the magazine found with six hollow-point bullets.
VIDEO: Eagles Huff
He was also charged with a disorderly persons offense for having less than 50 grams of marijuana, police said.
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On Wednesday, Huff gave his first remarks to reporters.
"I'm a professional athlete. What professional athlete don't have a gun? I have a wife and I have a son at home. My job is to protect them at all cost. My job is to protect myself, as well. Even though I know I have security here, I have to protect myself, as well," Huff said.
VIDEO: Josh Huff talks to reporters following arrest
Earlier Wednesday, Eagles head coach Dough Pederson had said Huff was still scheduled to play on Sunday against the New York Giants.