McCaffrey had what was reported as Jones fracture surgery on his foot on Monday.
The move leaves the 49ers with 88 players on the roster. That number must be reduced to 53 by Saturday at 1 p.m. PT.
McCaffrey joined the NFL as an undrafted free agent with the Oakland Raiders on May 10, 2016. He spent time on the Green Bay Packers practice squad and was briefly on their active roster before a short stint with the New Orleans Saints.
The Jacksonville Jaguars signed McCaffrey off of the Saints practice squad on September 12, 2015, and he appeared in five games with one reception for four yards before being waived on October 21, 2017, and re-joining the Packers practice squad.
The 49ers signed McCaffrey to a two-year deal on December 13, 2017.
Max McCaffrey is the son of former NFL wide receiver Ed McCaffrey, who spent 13 seasons in the league (including 1994 with the 49ers). His younger brother, Christian, is a running back with the Carolina Panthers.
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