According to Amie Just of NOLA.com, Murray was scheduled to make $2.95 million this season and had already received $200,000 in bonuses.
New Orleans will save $2.3 million against the salary ceiling by releasing the 31-year-old.
Murray gained 411 yards receiving on 57 catches and 1,293 yards rushing on 292 carries over his two seasons with the team.
However, he achieved close to season-high averages of 4.5 yards per carry and 7.7 yards per catch this past season.
Why did the Saints drop Latavius Murray?
According to Adam Schefter of ESPN, the Saints have allegedly released running back Latavius Murray after the veteran refused a wage cut.
How did Broncos get Latavius Murray?
After Javonte Williams suffered a season-ending injury on October 4, 2022, the Denver Broncos signed Murray off the Saints practice squad.