The Cardinals are planning to release Peterson after he played in six games with the club last season, Mike Jurecki of 98.7 FM reported on Wednesday.
Peterson is heading into the second season of the two-year, $7 million contract he signed with the New Orleans Saints last year. He lasted just four games with the Saints before they traded him to the Cardinals in October for a conditional pick.
The 32-year-old Peterson rushed for 448 yards and two touchdowns and had nine receptions for 66 yards with Arizona. He was placed on injured reserve due to a neck injury he sustained against the Jacksonville Jaguars on Nov. 26.
Peterson spent his first 10 seasons with the Minnesota Vikings, becoming the franchise's all-time leader in rushing yards (11,747) and touchdowns (97). He was the 2012 MVP after rushing for 2,097 yards and 12 touchdowns.
Arizona finished 8-8 in 2017 despite losing Johnson to a fractured left wrist in the team's 35-23 season-opening loss to the Detroit Lions on Sept. 10.
In 2016, Johnson totaled 1,239 rushing yards and 20 touchdowns. He also led the NFL with 2,118 all-purpose yards while averaging 4.2 yards per carry and 11 yards per reception.