The 49-year-old Moyer agreed to a minor league deal last month. The Blue Jays said at the time that Moyer would make two starts for Triple-A Las Vegas, then Toronto would decide whether to bring him back to the majors.
Moyer gave up seven runs over six innings in his second start on Tuesday, and Toronto announced his release on Thursday. He was 1-1 with an 8.18 ERA at Las Vegas.
Moyer was cut by Baltimore and Colorado earlier this season. He has 269 wins in a 25-year major league career.