The Eagles announced the release as a roster move.
Huff was pulled over for speeding on the New Jersey side of the Walt Whitman Bridge around 11 a.m. Tuesday.
He was charged with possessing a 9mm handgun without a permit in New Jersey and for the magazine found with six hollow-point bullets.
He was also charged with a disorderly persons offense for having less than 50 grams of marijuana, police said.
On Wednesday, Huff gave his first remarks to reporters.
"I'm a professional athlete. What professional athlete don't have a gun? I have a wife and I have a son at home. My job is to protect them at all cost. My job is to protect myself, as well. Even though I know I have security here, I have to protect myself, as well," Huff said.
Earlier Wednesday, Eagles head coach Doug Pederson had said Huff was still scheduled to play on Sunday against the New York Giants.