Anderson plans to pursue a career in coaching, likely at a Power 5 school.
"Details soon," said the 29-year-old.
Anderson entered the league as an undrafted free agent in 2013.
The veteran racked up 3,051 yards and 20 touchdowns in four seasons with the Broncos. He also helped Denver win Super Bowl 50 against the Carolina Panthers in 2014.
After the Broncos released him ahead of the 2018 campaign, Anderson split time between the Panthers and the Los Angeles Rams.
The running back's final NFL stop last season was the Detroit Lions, though he only appeared in two games.