Holt, who has one year left on his current contract, is due a roster bonus of $1.25 million on March 17, making it unlikely he'll remain on the roster beyond that date. The Rams could trade him between now and then. But a number of other free-agent wide receivers have already signed deals, limiting the remaining market.
Trading or releasing Holt would save the Rams $8 million on the salary cap this season, according to the report.
Holt, 32, is currently 11th in NFL history in career receptions, with 869, and 14th all time in career receiving yards with 12,660. His 817 receptions for 11,872 yards are the most of any receiver this decade, and his 80.1 average yards per game is the most for any receiver in league history.
But 2008 was a down year in every way for Holt, who saw his string of eight 1,000-yard seasons snapped as the Rams struggled to a 2-14 record and fired coach Scott Linehan after four games. He caught 64 passes for 796 yards and a career-low three touchdowns in 2008.
Holt could not be reached for comment on Wednesday, while Rams GM Billy Devaney said "Our only comment is no comment," the Post-Dispatch reported.