Report: Saints cutting Emmanuel Sanders

The New Orleans Saints are releasing wide receiver Emmanuel Sanders, a source told ESPN's Adam Schefter.

The cap-strapped Saints will save $6.5 million by parting ways with the veteran, per Spotrac.

Sanders seemingly confirmed the move with a farewell message to New Orleans on Instagram:

The two-time Pro Bowler racked up 61 catches for 726 yards and five touchdowns in his lone season with the Saints after signing a two-year, $24-million deal.

Sanders will become part of a talented free-agent wide receiver class, though it lost two of its top names - Allen Robinson and Chris Godwin - to the franchise tag Tuesday. Kenny Golladay, Will Fuller, and JuJu Smith-Schuster headline the group.

Sanders, who turns 34 on March 17, will likely be a second-tier option for teams seeking a veteran alongside the likes of T.Y Hilton, Marvin Jones, and Sammy Watkins.

The Saints are also reportedly set to release linebacker Kwon Alexander, which will save the team more than $13 million against the salary cap.