The Colts waived Williams on Tuesday, Aaron Wilson of ProFootballNetwork.com reports.
Williams garnered a small role for the Colts during the preseason and, aside from a 15-yard receiving touchdown in Week 2, didn't produce substantial statistics. He finds himself among a wave of cuts ahead of Tuesday's 53-man roster deadline, but if he clears waivers, he's expected to sign a practice squad deal with Indianapolis.