After being placed on injured reserve over the weekend, the punter said he's been released, per NFL Network's Jim Trotter.
King added he would not have surgery for an abductor injury but will rest and rehab for the next three months.
The injury helps explain King's struggles in just four games with the Broncos. Entering Sunday, the 29-year-old ranked 20th among 31 qualified punters in net punting average (39.7). His 44.1 yards per punt was a career low.
Once healthy, King should land on his feet.