Shreve was released from his minor-league contract by the Yankees on Thursday, Bryan Hoch of MLB.com reports.
Shreve joined the club June 24 and pitched exclusively with its Triple-A affiliate. While with Scranton/Wilkes-Barre, he maintained a solid 2.45 ERA and 0.82 WHIP, so perhaps he can latch on elsewhere for the final two months of the season.