(Reuters) - Twelve-time Pro Bowl cornerback Champ Bailey will be released by the Denver Broncos, according to a report on the National Football League website on Thursday.
Bailey, 35, met with Broncos general manager John Elway and head coach John Fox on Wednesday at the team's headquarters and was told that the club was ready to move on without him, the website reported, citing a league source.
There was no discussion about reworking the final $10 million remaining on his contract, the player said.
"It was like, 'We're ready to move on.' That was that," Bailey said, according to the Denver Post. "A little surprising, but not really. After all this time, it's tough when it ends."
That means Bailey, who has intercepted 52 passes in his career, third most among active players, will hit the free-agent market for the first time. He is coming off an injury-hit season in which he appeared in five games, starting three.
Bailey played the last 10 seasons with the Broncos after his first five NFL seasons with the Washington Redskins and reached the Super Bowl for the first time last month, losing to the Seattle Seahawks.
The former first-round NFL Draft pick said he planned to continue his career.
"I'm going to still play, absolutely," Bailey said. "I'm looking forward to it."
Reporting by Larry Fine in New York; Editing by Frank Pingue