The New York Jets are reportedly set to release wide receiver Santonio Holmes, who played below expectations last season. A source close to situation reported the development on Thursday.

"Per a league source, the Jets soon will be cutting Holmes, who is due to earn a base salary of $8.25 million in 2014. He has said he'd consider taking a pay cut, but either that wasn't an option or the two sides couldn't agree on an acceptable pay rate.," NBC Sports reported.

According to Mike Florio, the Jets' impending move to cut Holmes is not surprising given the wideout failed to produce big numbers since arriving in New York four years ago.

"With so many veteran receivers due to hit the market on March 11, and given Holmes' struggles to perform at a high level in the four seasons since arriving, it makes sense for both sides to move on. Limited to only four games in 2012 due to a foot injury that lingered into 2013, Holmes' best year with the Jets came in 2011, when he started every game but generated only 654 receiving yards," NBC Sports added.

There are rumors that the Arizona Cardinals or perhaps his former team Pittsburgh Steelers as potential landing spot for the Super Bowl XLIII MVP.

"A more realistic possibility would be the Cardinals, where former Steelers offensive coordinator Bruce Arians is the head coach. Or how about a Plaxico-style return to Pittsburgh, which soon will be losing Emmanuel Sanders to free agency," the site added.