Anderson was informed of his release prior to a team meeting, ESPN's Adam Schefter reported.
The 27-year-old Anderson played just two seasons of the four-year, $18 million contract he signed in 2016. The Broncos will save $4.5 million on the salary cap by dismissing Anderson.
Anderson told Mike Klis of KUSA on Sunday that he planned to report to the Broncos' offseason workouts on Monday. He also said that he'd use the team's reported trade talks as motivation.
"Just focus on me," Anderson said. "Use it as motivation. But I'm going to focus on myself. I still have a job. Try to help my team win games. But at the end of the day, getting shopped around or rumors I was getting traded, I'm going to use it as motivation to show the organization I can still play at a high level."
Anderson signed an offer sheet with the Miami Dolphins as a restricted free agent this offseason, only to see the Broncos match the four-year, $18 million package.
He rushed 245 times for 1,007 yards and three touchdowns last season and also had 28 receptions for 224 yards and a score.
The Broncos are expected to lean on younger running backs Devontae Booker and De'Angelo Henderson. Denver also owns the fifth overall pick in the upcoming 2018 NFL Draft, with Penn State's Saquon Barkley potentially in the mix.