The New York Jets are planning to cut wide receiver Santonio Holmes, who is due to earn a base salary of $8.25 million in 2014, according to Mike Florio of ProFootballTalk.com.
Holmes considered taking a pay cut, but either that wasn't an option or the two sides couldn't agree on an acceptable pay rate, Florio reported Thursday.
The Jets gave Holmes $24 million guaranteed when they signed him in 2011.
Holmes was limited to only four games in 2012 due to a foot injury that lingered into 2013 when he played in 11 games. He caught 23 passes for 456 yards and one touchdown last season.
Holmes has totaled 146 catches for 2,128 yards and 16 touchdowns in his four years with the Jets.