Champ Bailey's Hall of Fame career will not continue in Denver. The 12-time Pro Bowl pick is being released by the Denver Broncos, NFL Media Insider Ian Rapoport reported, per a team source.

The news was first reported by CBS Sports' Jason La Canfora.

Bailey met with the Broncos face to face Wednesday, and he wasn't offered a pay cut to stay after 10 seasons with the team. The Broncos are ready to move on, Rapoport reported, but Bailey wants to keep playing.

That means Bailey will hit the free-agent market for the first time.