Hurd, 26, was arrested in Chicago Wednesday after he accepted a kilogram of cocaine from an undercover agent, CNN reported.
Hurd allegedly told the agent he wanted to set up weekly purchases of 5 to 10 kilograms of cocaine at $25,000 per kilogram and 1,000 pounds of marijuana at $450 per pound.
The ICE investigation, which began five months ago in Dallas, where Hurd played for the Cowboys, alleges Hurd intended to set up a drug distribution network in Chicago.
ICE officials said Hurd told them "he and another co-conspirator currently distribute about 4 kilograms of cocaine per week in Chicago but that his supplier couldn't supply him with enough quantity," CNN said.
Hurd could face as much as 40 years in prison and a $2 million fine for conspiracy to possess with intent to distribute at least half a kilogram of cocaine.
Bears Coach Lovie Smith said "there's disappointment right now with our entire football team.
"We -- just like I'm sure quite a few people -- are disappointed in what we found out about Sam Hurd being arrested for the drug charges that came up today," Smith said after practice.
The Bears issued a statement saying the organization was "are aware of Sam's arrest and are continuing to gather details surrounding it."
"We are disappointed whenever these circumstances arise," the statement said. "We will deal with them appropriately once we have all the information."