Pryor, 29, played in two games for the Bills after signing a one-year deal on Oct. 30. The contract did not include any guaranteed money.
In his debut for the Bills in a Nov. 4 loss to the Chicago Bears, Pryor caught two passes for 17 yards while playing 82 percent of offensive snaps. He also bobbled a pass from quarterback Nathan Peterman that was intercepted.
Pryor played 43 percent of snaps in the Bills' win Sunday over the New York Jets. He was targeted once and did not record a catch.
The Bills, at 3-7, have opted for more youth at wide receiver. Rookies Robert Foster and Ray-Ray McCloud both saw some of their most extensive playing time of the season Sunday, partly at the expense of Pryor's snaps. The Bills also claimed second-year receiver Isaiah McKenzie off waivers last week from the Denver Broncos.
Pryor's release comes after the New York Jets cut Pryor last month. Pryor later said he felt "underused" in six games with the Jets to begin the season.
The Bills now have two open spots on their 53-man roster after also waiving Peterman on Monday.