The nine-year veteran signed with Denver before the 2012 campaign after five solid seasons with the Houston Texans. Dreessen notched 48 catches for 403 yards and six scores during his two seasons with Manning.
The Broncos save $2.5 million by releasing the 31-year-old target, who in February underwent his third left-knee operation over the past year.
Denver still has the outstanding Julius Thomas alongside Jacob Tamme, but only Virgil Green and Cameron Morrah sit behind the duo. Look for the Broncos to add a body or two before camp unleashes in full.