The 28-year-old walked away from Premiership side Wasps in a bid to make it in the NFL last October, and has enjoyed a promising pre-season with the Bills.
An electrifying 65-yard touchdown with his first ever carry helped the Bills top the Indianpolis Colts 24-16, before a catch and 48-yard run caught the eye against the Panthers.
However, Wade's technique still requires considerable work, and he was named as one of the 31 players to be released from the final roster on Saturday evening.
He will now enter waivers, with other teams given the opportunity to pick up the former England wing.
The Bills also cut Wade's fellow running back LeSean McCoy in a more surprising move, with the intent to hand rookie Devin Singletary more opportunities.
Wade could yet return to the Bills if he clears Waivers, with the NFL's International Player Pathway programme ensuring he could join Buffalo's 10-man practice squad, which seems probable at this stage.
Wade would then train with the Bills and remain eligible to play for them or join another NFL team.
He could also be named as the Bills' exempt 11th member, restricting him to only training with the Bills and preventing him from signing for another NFL franchise.
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