"I think you have to be realistic about it and think that it might be (our last year together)," Rodgers said Tuesday on WAUK-AM in Milwaukee. "I have loved my time with Greg; Greg and I are going to be buddies whether he's here or not."
Jennings is in the final season of the four-year, $26.9 million contract he signed in 2009. The Packers will have several key players to take care of after the season, creating the distinct possibility Jennings will be too expensive to keep.
Jennings -- who had 67 catches for 949 yards and nine touchdowns in 13 games last season -- has vowed not to let his contract situation become a distraction.
"I definitely want to be here, but understanding the nature of the business, you never know," Jennings told ESPN Radio. "There is really nothing else I can really say or do. The ball is not in my court at all. I have to play the cards that I'm dealt. Right now it's football. That's my focus."
Jennings is an elite wide receiver, but the Packers would survive if he were to walk in free agency. Such are the perks of life when you have the best quarterback in football.
Follow Dan Hanzus on Twitter @danhanzus.