Broncos will make significant saving in cap space with the move.
The Denver Broncos are expected to release veteran cornerback Champ Bailey who had a $1m roster bonus due on March 15, according to ESPN.
The 36-year-old was entering the final year of his deal after playing a career-low five regular-season games this past season after suffering with a foot injury,
However, Bailey did return in the playoffs and made his first Super Bowl appearance at the MetLife Stadium in the defeat to the Seattle Seahawks back in February.
It is understood that despite his expected release, Bailey does not plan to retire and will now start the search for a new team while the Broncos look ahead to making a $10m saving in cap space with the move.
Bailey played 10 seasons in Denver after joining them back in 2004 in a trade with the Washington Redskins, and he has totalled 52 career interceptions including a career-high 10 in 2006.
However, as the years have gone on, quarterbacks have visibly been able to test him more and that was particularly evident in the playoff game with the Baltimore Ravens in 2012 when Bailey was caught out twice for long touchdowns.
Despite calls to move inside, Bailey initially resisted before injuries struck and forced the move upon him, and although his production hasn’t been significant, his wealth of experience was undoubtedly beneficial to the younger players on the roster.
Broncos cornerback Chris Harris paid tribute to his soon-to-be former teammate on Twitter and was thankful that he was able to “learn from a great”.
It is unclear at this early stage as where Bailey will now move on to, but the Broncos do now have decisions to make with regards to their defensive backfield, with speculation suggesting that Dominique Rodgers-Cromartie could be the first impending free agent to be signed up.