The Denver Broncos have released veteran cornerback Champ Bailey after 10 years at the club.

Executive vice president of football operations/general manager John Elway said that letting Bailey - who in his opinion is one of the best players ever to have played in his position - go was not an easy call to make, but it was the right one for the Broncos going forward.

"This was a difficult decision for our team with everything that Champ Bailey has meant to the Denver Broncos and this community over the last 10 years," the club's official website quotes Elway as saying.

"Without question, he's among the best cornerbacks to ever play the game and one of the finest players in the history of the Broncos. You couldn't ask for more in a player than what Champ brought to this team. His combination of elite talent, class, leadership and competitiveness made him one of the all-time greats."

Before his 10 seasons with the Broncos, Bailey played for five years at Washington Redskins.