ESPN's Adam Schefter and Todd Archer reported Friday the Cowboys plan to cut Bryant barring a change of heart following a meeting with owner Jerry Jones.
By releasing Bryant, the Cowboys will save $8.5 million in salary-cap space, per Spotrac. His reported departure comes three years after he signed a five-year, $70 million deal with Dallas.
The 29-year-old veteran has struggled over the past three seasons after registering at least 1,200 yards and 12 touchdowns in each campaign from 2012 through 2014.
He hasn't reached the 1,000-yard mark since 2014, and the three-time Pro Bowler is coming off a disappointing season that saw him make 69 catches for 838 yards and six scores.
Bryant reportedly hinted at signing with an NFC East rival Friday, according to Mickey Spagnola of the team's official website:
Bryant departs Dallas No. 3 in franchise history in receptions (531), No. 5 in receiving yardage (7,459) and No. 1 in receiving touchdowns (73).