Per Jason La Canfora of CBS Sports, there is "a very strong likelihood" the Cowboys will release Romo Thursday if they don't get a "strong trade" proposal from another team.
ESPN's Adam Schefter and Todd Archer reported the Cowboys will be releasing Romo on Thursday. Archer added it's not known "whether the Cowboys will outright release him or designate him as a post-June 1 cut."
Michael Lombardi of The Ringer noted the Cowboys designated Romo as a post-June 1 cut to "spread the bonus acceleration and redo Sean Lee's deal."
Per ESPN's Ed Werder, Romo and Cowboys owner Jerry Jones spoke Tuesday, which was when a decision to release the star quarterback was made. Werder added Romo never pressured Jones to release him, and Jones made it clear he was hanging on to Romo with the hope he would be able to trade him.
On Feb. 16, Werder reported Romo expected the Cowboys to release him this offseason.
Romo's imminent departure from Dallas became more apparent Wednesday when Schefter reported the team is going to meet with free-agent quarterback Josh McCown.
The Cowboys don't have a need for Romo at this point in his career. They found a franchise quarterback last season in fourth-round pick Dak Prescott, who was named Offensive Rookie of the Year after throwing for 3,667 yards with a 67.8 completion percentage, 23 touchdowns and four interceptions.
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When the Cowboys release Romo, they are giving the 36-year-old an opportunity to find the best destination for him to succeed and possibly challenge for a Super Bowl in 2017.
The Texans have won the AFC South each of the last two years, despite major questions at quarterback. Brock Osweiler, who signed a four-year contract with Houston last season, was a disappointment with 15 touchdowns and 16 interceptions in 2016.
The Broncos are one year removed from winning a Super Bowl behind a loaded defense. They took a step back last season, missing the playoffs with a 9-7 record, and had disappointing quarterback play. Trevor Siemian and rookie first-round pick Paxton Lynch combined for 20 touchdowns and 11 interceptions.
Wherever Romo lands, he has to prove he's capable of staying healthy, as he hasn't played a full 16-game season since 2012 and has only appeared in five games since 2015. If he can dodge any more serious injuries, he could serve as a short-term stopgap for a team that's only a quality quarterback away from playoff contention in 2017.