This comes days before the National Football League draft on April 26.
Anderson was scheduled to make $4.5 million in 2018, however, he didn't have any dead money in his contract so his release cost the team nothing against the cap.
The Broncos tried to trade Anderson, per NFL Network Insider Ian Rapoport, to no avail.
The Broncos have the No. 5 pick in next week's NFL Draft and might target Penn State running back Saquon Barkley.
As for Anderson, his release could finally open the door for him to find his way to the Dolphins.
Anderson rushed for 1,007 yards on 245 carries with three touchdowns.
With Anderson gone, only Devontae Booker and De'Angelo Henderson remain on the Denver roster as recognized running backs.