The team is releasing the running back, NFL Network's Mike Garafolo reported on Monday, according to a source informed of the decision. The Broncos were reportedly interested in parting ways with the veteran running back, who had two years remaining on his contract at $4.5 million per year.
The Broncos signed Anderson as an undrafted free agent in 2013. He should be able to find a new home relatively soon.
Anderson had been on the roster bubble for a while, and many expected the Broncos to release him earlier this offseason.
He rushed for 90 yards and a touchdown when the Broncos beat the Carolina Panthers in Super Bowl 50. The Cal product rushed for a career-high 1,007 yards last season for the Broncos.
Anderson put together five solid seasons in Denver but never truly cemented himself as a reliable featured back. He added 224 yards receiving on 28 catches with one TD.
The Broncos not only saved money by releasing Anderson, they opened up playing time for Devontae Booker and De'Angelo Henderson. Miami now has veteran Frank Gore and Kenyan Drake in their backfield.