Schefter noted that while it is unclear if Suggs will continue playing, he will be on waivers until Monday and available for any NFL team to claim.
The 37-year-old Suggs signed a two-year, $10 million deal with the Cards during the offseason after spending the first 16 years of his career as a member of the Baltimore Ravens. Suggs has 37 tackles, seven quarterback hits and 5.5 sacks in 13 games this season.
When Suggs signed with the Cardinals, it marked a homecoming of sorts since he attended college at Arizona State University. While Suggs has been fairly productive this season as the No. 2 sack artist on the team behind Chandler Jones, he hasn't been as effective in recent weeks.
Over the Cards' past six games, Suggs has only a half-sack to his credit. After parting ways with Suggs, head coach Kliff Kingsbury will be able to get a better look at Cassius Marsh and Kylie Fitts as outside pass-rushers.
While Suggs is likely at or near the end of his career, he could still be a useful player for a team down the stretch in a reduced role such as a situational pass-rusher in obvious passing downs.
Suggs is a seven-time Pro Bowler, one-time Super Bowl champion and one-time NFL Defensive Player of the Year with seven double-digit-sack seasons to his credit. His 138 career sacks rank ninth on the all-time NFL list.
The Ravens, who own the best record in the NFL at 12-2, are a possible landing spot if they can make room. They don't necessarily need Suggs given their success this season, but they are only in the middle of the pack when it comes to sacks (tied for 15th with 34).
Suggs' 5.5 sacks this season would rank second on the Ravens behind Matthew Judon's 8.5, so the organization that drafted Suggs may have some use for the veteran.
The Ravens are the odds-on favorites to win the Super Bowl, and there would be no better way for Suggs to go out than by winning a second championship in Baltimore just like Ray Lewis did previously.