The Broncos are placing King on injured reserve and are expected to release the punter when healthy, NFL Network's James Palmer reported Saturday.
King missed practice all this week with a thigh injury and was listed as doubtful to play in Denver's game Sunday against the New York Jets.
Denver signed King to a three-year deal this offseason after he was unceremoniously released from the Oakland Raiders, but the eccentric punter struggled in his first year in the Mile High City.
King ranks 20th among 31 qualified punters in net punting average (39.7). His 44.1 yards per punt is a career low.
Now due to injury and circumstance, King likely won't get another chance in Denver.