The move would come as little surprise on the heels of Johnson's disappointing 2015 campaign. It was by far the worst full season of his career, as he caught just 41 passes for 503 yards and four touchdowns despite appearing in all 16 games and starting 14.
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Johnson spent the first 12 years of his career with the Houston Texans, and he was named to seven Pro Bowls during his tenure.
The Colts signed Johnson to a three-year, $21 million contract, per Spotrac.com. They have saved $5 million against the cap by cutting him.
Quarterback Andrew Luck being out for much of the 2015 season didn't help Johnson, but he was unproductive even with Luck under center and never clicked as a complement to T.Y. Hilton.
While the 34-year-old receiver doesn't have much left to prove, Stephen Holder of the Indianapolis Star reported in February that he would like to continue playing:
Johnson would be free to sign with any team, but it is unclear how much interest in him there will be after such a tough season.
Despite his incredible resume, Johnson can likely be had on the cheap, and he may prove to be a solid depth receiver for a contending team or a fantastic mentor for younger receivers within an up-and-coming organization.
The 2015 campaign suggests Johnson's best days are behind him, but in the proper role, it isn't outside the realm of possibility that he can still contribute to a winning cause in some way.
Follow @MikeChiari on Twitter.