Goodman, a 10-year veteran, spent the last three seasons with the team, grabbing seven interceptions.
Goodman entered the league with the Detroit Lions and played with the Miami Dolphins before joining the Broncos. He has 19 career interceptions.
Goodman becomes a free agent. The Broncos signed former New Orleans Saints cornerback Tracy Porter last month, and he is expected to take Goodman's starting spot next to Champ Bailey.