It has been announced that Michael Preston has cleared waivers. That makes him a free agent. The Titans would like to add him to their practice squad. Preston's agent will probably try to find him a spot on an active roster, but odds are there will not be any takers right now since he wasn't claimed on waivers.
I still hold the belief that Preston has the chance to develop into a productive receiver in this league. The Titans had to let him go with all of the injuries at linebacker, but they haven't given up on that hope.