"I would like to thank Kyle for all his work with the Denver Broncos. In the three years that he's been here, he's been an absolute pro," executive vice president of football operations John Elway said. "We thought it was best for the Broncos at this time as well as for Kyle to catch on with a different team."
Orton beat out Tim Tebow for the starting job in preseason, but led the Broncos to a 1-4 record while completing 91-of-155 passes for 979 yards, eight touchdowns and seven interceptions.
Orton was then replaced under center by Tebow after the team's bye week and Denver has recorded a 4-1 record since to move to 5-5 on the season and a game behind the Oakland Raiders for first place in the AFC West.
Tebow has completed just 45 percent of his passes for 709 yards and seven touchdowns with 388 rushing yards and three scores in his five starts, but has led the Broncos to two come-from-behind victories and a three-game win streak.
"This was the right decision for our football team," added Broncos head coach John Fox. "We feel good about our quarterback group, and this gives Kyle an opportunity to help another team and showcase his talents."
Teams that may be interested in Orton include Kansas City, Houston and Chicago as each team has had their starting quarterback recently go down with an injury.