Peterson (neck), who will be released by the Cardinals on Monday, said he received a clean bill of health and intends to continue his career, Josina Anderson of ESPN reports.
Star running back David Johnson is expected to be fully healthy for Arizona after suffering a season-ending wrist injury in Week 1.
Acquired from New Orleans on October 10, Peterson ran for 448 yards - 314 in his first three games - and two touchdowns on 129 carries and had nine catches for 66 yards for the Cardinals. But the defensive tackle, 31, did not live up to expectations with the Dolphins nor make their defense an intimidating unit.
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The 32-year-old appeared in four games with the Cardinals last season before being placed on injured reserve with a neck injury in December. In those six games, Peterson had 448 rushing yards with no touchdowns.
According to Spotrac.com, the Cardinals are freeing up over $2.88 million in cap space by releasing Peterson.
The move was first reported to likely happen on January 31.