"The Jets are planning to release WR Laveranues Coles, according to a league source.

The team hasn't made the announcement yet, a a source close to Coles confirmed that his release is imminent.

The move doesn't come as a surprise, considering Coles is due to make $6 million - all guaranteed. It was to be the final year of his contract and Coles told the Jets he wanted a long-term deal. The Jets balked, according to the source.

The Jets are on the hook for the entire salary, which will count against the cap. The cap cost will be defrayed when he lands with another team."