Ex-Seahawk Russell Wilson to be released by Denver Broncos

Russell Wilson #3 of the Denver Broncos reacts after his team's 17-16 loss against the Las Vegas Raiders at Empower Field At Mile High on September 10, 2023 in Denver, Colorado. (Photo by Justin Edmonds/Getty Images)

The Denver Broncos will release Russell Wilson once free agency officially opens later this month, the team said in a statement Monday.

"We spoke with Russell Wilson today to inform of his release after the start of the league year," general manager George Paton and head coach Sean Payton said in joint statement. "On behalf of the Broncos, we thank Russell for his contributions and dedication to our team and community while wishing him the best as he continues his career.

"As we move forward, we are focused on building the strongest team possible for the 2024 season and beyond. We are excited improve this offseason and will have the flexibility to get better through the draft and free agency."

The Broncos said Wilson will officially be cut once the new league year begins on March 13.

Wilson thanked Broncos fans and his teammates for their support in a separate statement.

russell wilson

Quarterback Russell Wilson #3 of the Denver Broncos talks with coaches during a timeout in the 2nd quarter of the game against the New England Patriots at Empower Field At Mile High on December 24, 2023 in Denver, Colorado. (Photo by Justin Edmonds/G

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"Over these last two years, you have welcomed my family and me with open arms and have embraced us as members of the Denver community," he said. "This city will always hold a special place in my heart. Our family grew here, we made countless memories and friendships, and formed relationships that will last a lifetime."

He ended his statement, saying "Tough times don’t last, but tough people do."

"God’s got me. I am excited for what’s next."

The Seattle Seahawks traded Wilson to the Broncos in March 2022.

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Wilson and his singer-songwriter wife Ciara had reportedly been accepting offers and giving tours for their Cherry Hills Village mansion. The couple bought the 20,000 sq ft home shortly after Wilson’s high-profile trade from the Seahawks to the Broncos.

This is a developing story. Check back for updates.

FOX News contributed to this report.