Broncos to release Champ Bailey

— -- The Denver Broncos will release 12-time Pro Bowl cornerback Champ Bailey, who had a $1 million roster bonus due March 15, league sources told ESPN NFL Insider Adam Schefter.

The Broncos will save $10 million in cap space with the move.

Bailey, 36, was entering the final year of his deal after playing in a career-low five regular-season games this past season because of a Lisfranc foot injury. Some thought he should have been placed on injured reserve, but he played through and returned for the playoffs, making his first Super Bowl appearance at Super Bowl XLVIII.

Despite his pending release, Bailey is not interested in retiring, according to a source close to the player.

Bailey played 10 seasons for the Broncos since the 2004 trade that brought him from the Redskins for running back Clinton Portis.

He was drafted by the Redskins with the seventh overall pick of the 1999 draft and has totaled 52 career interceptions, including a career-high 10 in 2006.

As the years have passed, quarterbacks started testing him more and more. That was evident in the playoff game against Baltimore after the 2012 season, when Bailey got burned twice for long touchdowns.

With that performance came inevitable whispers that maybe it was time for him to move to safety or even to the slot position.

Except Bailey wasn't ready for that kind of move. Not yet, anyway.

After his foot injury, though, Bailey really had no choice but to move inside, and he played well.

Bailey came close to a Super Bowl with Denver during the 2005 season as well. He had one of his more memorable moments in the divisional-round playoff game that year, when he intercepted Tom Brady and returned the ball 100 yards down the sideline. He got chased down a yard short of the touchdown, but it was a game-changing play and the Broncos won. They had home-field advantage the next week, only to lose to Pittsburgh.

While Peyton Manning was the undisputed leader of the offense, Bailey held a similar role on defense. He took the younger cornerbacks under his wing, too, teaching them tricks and grooming them to possibly take over someday.

With free agency on the horizon, the Broncos have work to do in the defensive backfield. It could start with working out a deal with Dominique Rodgers-Cromartie, who's set to become a free agent after a solid first season in Denver.

Upon hearing the news of Bailey's imminent release, Broncos cornerback Chris Harris weighed in on his Twitter account.

Harris was joined on Twitter by Broncos defensive back David Bruton.

The Associated Press contributed to this report.