A cable release system for permitting detachment of a drilling cable from a drill string. The cable release system has a swivel body, a bearing assembly, one or more locking elements, and a release sleeve assembly. The swivel body is coupled to a drilling cable. The bearing assembly has a receptacle body that receives a portion of the swivel body and defines openings that receive a portion of corresponding locking elements. The bearing assembly has an outer sleeve that circumferentially surrounds the receptacle body and has a variable inner diameter such that axial movement of outer sleeve controls the radial position of the locking elements relative to the swivel body. The release sleeve assembly can be moved in a distal direction to engage the outer sleeve of the bearing assembly to move the outer sleeve to an axial position in which the swivel body and drilling cable are detachable from the remainder of the drill string.