Anderson was informed of his release before a team meeting on Monday, according to Schefter.
Anderson, who is entering his sixth season in the NFL, has spent his entire career with the Broncos. In 2017, he rushed for 1,007 yards and three touchdowns on 245 attempts in 16 games. He also had 28 receptions for 224 yards with a touchdown.
Anderson was scheduled to make $4.5M in 2018.