The Titans will try to trade running back Chris Johnson before releasing him, according to Mike Florio of Pro Football Talk. Johnson does not have any upcoming roster bonuses due, so the Titans could wait all the way until the first week of the regular season to cut without owing him any base salary. Releasing the running back would result in a $4MM cap charge.
It is unclear what the Titans could hope to receive in exchange for Johnson. He once ran for over 2,000 yards, but the was four years ago. He still has elite speed, but he graded out as just the 42nd-best running back in the league last season according to Pro Football Focus (subscription required). Even if a team was willing to sacrifice a late-round pick for Johnson, it is not going to want to retain him at his current salary levels. A release still seems like the overwhelmingly likely outcome.