The Dallas Cowboys are releasing veteran quarterback Tony Romo on Thursday, according to a report from ESPN's Todd Archer and Adam Schefter. 

​Thursday is the first day the Cowboys are able to classify Romo as a post-June 1 cut. The move allows the Cowboys to split his cap hit into $10.7 million in 2017 and $8.9 million in 2018. 

Romo, 36, missed much of 2015 and 2016 with a compound fracture of his L1 vertebrae. Romo was healthy enough to get back on the field late in the season for the Cowboys, but rookie Dak Prescott's play was too impressive for owner Jerry Jones and head coach Jason Garret to ignore. 

Romo only played four games in 2015 before his injury, posting a completion percentage of 68.6 with 5 touchdowns and 7 interceptions. For his career, he has a QB-rating of 97.1 and finishes with the most yards and passing touchdowns in Cowboys' franchise history. He made his debut in 2004. 

Both the Denver Broncos and the Houston Texans, among other teams, are said to be interested in Romo. 

The Broncos are familiar with this type of situation, signing an injury-riddled Peyton Manning back in 2012. Manning retired after the Broncos' 2016 Super Bowl victory, Denver was left looking for a QB. In came rookie Trevor Siemian, who posted decent numbers with 18 touchdowns, 10 interceptions and 3,401 yards in 14 games. However, the Broncos finished at 9-7 and are said to be looking for an upgrade. 

The Texans might have a bigger hole to fill, despite signing Brock Osweiler to a four-year $72 million contract last offseason. He struggled last year, throwing 15 touchdowns with 16 interceptions. He's guaranteed $16 million next season, so will likely be on the roster as a second or third stringer. Houston fell to New England in the divisional round last year and with talented offensive players like Lamar Miller and DeAndre Hopkins, a solid veteran QB like Romo could make them even more dangerous. 

Come Thursday, Romo will be allowed to begin his search for a new landing spot.