Anderson put together five solid seasons in Denver but never truly cemented himself as a reliable featured back.
Anderson signed a four-year, $18 million contract he signed in 2016 and was cut after attempts to trade him failed, NFL.com reports.
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The Broncos have the No. 5 pick in next week's NFL Draft and might target Penn State running back Saquon Barkley.
Anderson was due $4.5M million in salary this season. Like I said, we're looking at every option that we can and where our football team is.
The Broncos signed Anderson as an undrafted free agent in 2013. The veteran running back broke the 1,000 rushing yard mark for the first time against the Kansas City Chiefs in December. Anderson added 224 receiving yards on 28 catches.
Anderson returned from a knee injury to post a career-high 1,007 yards last season.