Jyles played in 10 games for the Eskimos last season, including nine starts.
He was unable to infuse much life into Edmonton's offence, completing 129 of 220 passes (58.6 per cent) for 1,756 yards. Jyles had six touchdowns, but just as many interceptions.
Jyles was traded to Edmonton in December 2011 with non-import kicker Grant Shaw and Toronto's first selection (second overall) in the 2012 CFL Canadian draft in exchange for Ray.
The trade, agreed to by then-Eskimos general manager Eric Tillman, was largely panned in Edmonton. Ray went on to lead Toronto to a Grey Cup victory last fall.
"Steven is an outstanding professional that did everything asked of him," Eskimos coach Kavis Reed said Monday in a release. "We really appreciate his professionalism and commitment to the team."