The formal announcement is scheduled for Tuesday. Faulk, who appeared in just nine games the past two seasons, wasn't active for the Super Bowl in February and hasn't been with the team since. He missed all but two games in 2010 with a knee injury and began the 2011 season on the physically unable to perform list before playing in seven games.
In his 13 seasons, he rushed for 3,607 yards and 16 touchdowns and caught 431 passes for 3,701 yards and 15 touchdowns.
Copyright 2012 by The Associated Press