The team is releasing the running back, NFL Network's Mike Garafolo reported on Monday, according to a source informed of the decision.
Anderson, 27, appeared in all 16 games for the Broncos this season for the first time in his career.
Anderson was due $4.5M million in salary this season.
During the offseason, it became clear the team was willing to trade the fifth-year back, but after failing to do so doing so they made a decision to part ways with him. He should be able to find a new home relatively soon.
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He rushed for 90 yards and a touchdown when the Broncos beat the Carolina Panthers in Super Bowl 50. He also added in 28 receptions for 224 receiving yards and four total touchdowns.
Denver is releasing Anderson after a career year for the running back.
With Anderson no longer on the team, Denver's running back room now consists of Devontae Booker and De'Angelo Henderson, both of which combined for 312 rushing yards past year.
Anderson's release leaves Devontae Booker and De'Angelo Henderson as the only running backs on the roster.