The Raiders elevated Cole to the active roster Saturday.
Las Vegas signed Cole to its practice squad Tuesday.
The Raiders released Cole on Tuesday, Ian Rapoport of NFL Network reports.
Cole caught one of two targets for five yards in the Raiders' regular season finale, finishing his 2022 campaign with 10 receptions for 141 yards and one touchdown on 21 targets in 14 games.
Cole caught both his targets for 50 yards and a touchdown in Sunday's 30-24 win over the Patriots.
Cole is expected to move out of a regular role in three-receiver sets Sunday against the Patriots after the Raiders reinstated Hunter Renfrow (oblique) from injured reserve Saturday, Paul Gutierrez of ESPN.com reports.
Cole caught his only target for 11 yards in Thursday's 17-16 loss to the Rams.
Cole was not targeted in Sunday's 27-20 win over the Chargers.
Cole caught two passes on as many targets for 12 yards in Sunday's 40-34 overtime win over the Seahawks. He also returned three punts for 11 yards.
Cole caught one of two targets for 21 yards in Sunday's 22-16 overtime win over the Broncos. He also returned four punts for 28 yards.