Franks was let go by the Dolphins after Cody Parkey was claimed on waivers by the team, Adam Beasley of the Miami Herald reports.
The 24-year-old made 16 of 21 field goal attempts for the Dolphins last season, en route to logging 89 points in 16 games. He'll now find himself as part of a pool of free agent kickers looking for jobs after this weekend's roster churn.