Chad Ochocinco -- DROPPED from Patriots

Chad Ochocinco is officially unemployed -- because the New England Patriots just released the famous wide receiver.

According to reports, the Pats spent all day today trying to trade Ocho ... but failed -- and have decided to release him instead. Ocho will now become a free agent.

34-year-old Ocho parted with the Bengals in 2011 -- after a ten-year relationship -- and was traded to the Pats last July.

Ocho caught just 15 passes for 276 yards and a touchdown in his only season with the New England franchise. He was paid a reported $5.75 million for his troubles.

Chad just tweeted, "Thoroughly enjoyed the oppurtunity to play for the 'Patriot' organization ... fans were f****** wicked awesome, I wish all of you the best."