Anderson, 27, spent his first five years in the league with the Broncos after going undrafted in 2013.
According to Vic Lombardi of Altitude TV, the Broncos have released the veteran running back.
Anderson rushed for 767 yards in the final eight games that season and made the Pro Bowl. The Broncos had reportedly tried to trade Anderson but made a decision to release him after multiple failed attempts.
He rushed for 90 yards and a touchdown when the Broncos beat the Carolina Panthers in Super Bowl 50.
Denver is releasing Anderson after a career year for the running back. Cutting the running back saves the Broncos $4.5 million on the salary cap.
With Anderson out of the picture in Denver, the Broncos could be set to make incoming third-year back Devontae Booker their new workhorse in the backfield. And the Broncos will save every penny of that $4.5 million by cutting Anderson, per Spotrac. He had said Sunday in an interview with 9news: "I'm going into tomorrow, and the whole season thinking I can be traded at any time, at any moment". "Use it as motivation". I'm going into this season thinking I can be cut at any moment.