According to the league's transaction wire the Saints released the 32-year-old receiver, due to a failed physical.
The Saints' all-time leading receiver finished with 9,759 yards and 72 touchdowns. Colston was a dominant force alongside Drew Brees for years, compiling six 1,000-plus-yard seasons in his first seven years. He burst onto the scene after being drafted in the seventh round in 2006, compiling 1,038 receiving yards and eight TDs as a rookie.
Colston clearly lost a step the past two years, falling off a cliff for just 520 yards on 45 catches and four TDs in 2015. The question remains whether he'll take a shot at landing with another squad or retiring.
Cutting the wideout saves the Saints $3.2 million in salary-cap space, but leaves $2.7 million in dead money.