Atogwe, the Rams' franchise player last offseason, is now one of the top free agents available.
The Rams would like to re-sign him, just at a lower salary than the nearly $7 million they would have been obliged to pay this season.
Atogwe had a shoulder injury which landed him on injured reserve in 2009. He also underwent hernia surgery.
Despite playing a shortened season, Atogwe had 74 tackles, three forced fumbles, two interceptions and a sack in 12 games. Atogwe, who will turn 29 this month, has 19 interceptions in his five-year NFL career.
The Cowboys were thought to have some interest in Atogwe, but Wednesday owner/general manager Jerry Jones said the team was "ready to go" with its current group of safeties.
Jones declined to comment specifically about Atogwe but said he doesn't intend to pursue a safety in free agency.
"I'm ready to go into our season with the safeties that we have," Jones said during the team's organized team activity workout in front of a crowd of 2,000 at Cowboys Stadium. "That might answer your question."
Adam Schefter is ESPN's NFL Insider. ESPNDallas.com's Tim MacMahon and ESPN.com's Mike Sando contributed to this report.