ESPN's Adam Schefter reported the news.
Sanders signed with the Saints in April after splitting last season between the Denver Broncos and San Francisco 49ers. He's failed to reach 1,000 yards since 2017 after reaching that mark three consecutive times to open his tenure with the Broncos.
The 33-year-old Texas native was mostly durable during the early stages of his career with the Broncos and Pittsburgh Steelers, but injuries have become a concern in recent years. He missed four games in 2017 with ankle injuries and his 2018 season was cut short by a torn Achilles.
He also suffered cartilage damage in his ribs last year after being acquired by the Niners.
Tre'Quan Smith should see the biggest uptick in playing time as part of New Orleans' passing attack. Marquez Callaway, Bennie Fowler and Deonte Harris are among the other potential options for more targets.
The group will be tested further if top target Michael Thomas, who's dealing with ankle and hamstring injuries, is out. Fowler is also dealing with a shoulder injury.
All told, the Saints acquired Sanders as some valuable depth as they tried to finish building a championship-level roster. He's provided some much-needed playmaking ability on the outside, and the team probably won't be able to replicate that in his absence.