According to ESPN.com's Jordan Raanan, "teams are expecting" Mathieu will be released after the Cardinals asked him to take a pay cut.
Mathieu spoke to NFL.com's Gregg Rosenthal on Thursday and confirmed the front office spoke to him about playing under a reduced salary.
"I wouldn't say (the pay cut offer) was a spit in the face but ... I was offered to play in the Pro Bowl," he said. "So had I played in the Pro Bowl, would the narrative be different? Because I don't know many teams who cut Pro Bowl players. I think about all those things."
The 25-year-old added that while he would be open to restructuring his deal, he's not keen on agreeing to team-friendly terms that feature smaller annual payouts.
"There's many ways you could restructure a contract instead of just taking money out of my pocket," Mathieu told Rosenthal. "Taking money out of my pocket, I don't like how that feels."
If Mathieu is still on the Cardinals roster Wednesday, the entirety of his $5.7 million base salary for 2018 and $8 million of his $10.7 million salary in 2019 will become guaranteed.
Mathieu is also owed a $5 million roster bonus that's scheduled to vest on March 16.
However, Arizona can get out of a chunk of those payments if it cuts Mathieu. Should the Cardinals go that route, they'll be forced to eat $9.3 million in dead cap but save $4.8 million in 2018.
For a team that's projected to have a shade over $20 million in available cash flow entering free agency, according to Over The Cap, that's not an insignificant amount.
It would be a risky move, though.
The 2013 third-round pick has evolved into a prominent piece of the Cardinals secondary over the last five seasons, and he played a team-high 99.4 percent of the club's defensive snaps while registering 74 total tackles, two interceptions and seven pass breakups.
If the Cardinals ultimately opt for a divorce, first-team All-Pro safety Budda Baker figures to be in line for a major boost in profile after he played less than 50 percent of all defensive snaps as a rookie.