The veteran Scotland striker was deemed surplus to requirements by new manager Caleb Porter after failing to impress last year.
“We would like to thank Kris for his service to the club and we wish him well in his future endeavors,” said Timbers general manager Gavin Wilkinson.
Boyd's days in the Rose City were numbered ever since the hiring of Caleb Porter as the club's manager.
"Kris Boyd is a player that I think will have a hard time playing in the way that we want to play," Porter said upon taking the job last month. "And that's no knock on Kris. He would fit in a lot of different systems but, with what I want out of my strikers, it's going to be difficult for him to offer what I'm looking for in that position."
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