Anderson, 27, spent his first five years in the league with the Broncos after going undrafted in 2013.
Anderson returned from a knee injury to post a career-high 1,007 yards last season.
This comes days before the National Football League draft on April 26.
Teenager kidnapped, held captive and raped for 10 days
They knew of the torture the woman suffered and had intervened on several occasions in the past, the officials said. A suicide note was recovered from the spot in which she has alleged sexual harassment by two men, police said.
The move will free up $4.5 million in salary cap space.
Anderson is coming off a career year with the Broncos as he finally got his chance to be the team's undisputed lead back.
As ESPN's Bill Barnwell noted, the path the Broncos took to get to this point with Anderson was rather interesting. He should be able to find a new home relatively soon.
Anderson rushed for 1,007 yards on 245 carries with three touchdowns. The Broncos had reportedly tried to trade Anderson but made a decision to release him after multiple failed attempts. If not, the Dolphins are content with Kenyan Drake, Frank Gore and possibly selecting a running back in next week's draft.