Sanders led the Broncos in receiving this past season with 868 yards and four touchdowns, but his campaign ended after 12 games due to a torn Achilles.
The 31-year-old is slated to put a dent of almost $13 million into the salary cap in 2019 barring a restructure. Denver could save $10.25 million by releasing him.
Sanders, a two-time Pro Bowler, has been with the Broncos since 2014. He signed a three-year, $33-million extension prior to the 2016 season.