Brian Griese finally got his walking papers Monday when the Broncos announced that he will appear on the waiver wire and that his contract has been terminated.

In five season with the Broncos, Griese had 51 starts in 53 games and completed 62.2 percent of his passes for 11,763 yards and 71 touchdowns. The Broncos signed Jake Plummer to a free-agent contract during the offseason, making Griese's release inevitable.

Griese is expected to be pursued by the Dolphins and could sign quickly. His agent, Ralph Cindrich, will try to make a quick read on what other teams are interested in to help in negotiations for a better deal with the Dolphins.

Talks between the Dolphins and Griese broke off a little after 8 p.m. ET Monday but will resume early Tuesday morning with the Dolphins hopeful of getting a multi-year deal done. Griese is currently in Denver awaiting the outcome of Tuesday's negotiations.

Both sides would like to work out a contract before Griese would fly to Miami for a physical. The structure of the deal is the holdout. Even though the contract will be for more than one year, it will be structured in a way that Griese could become free after the first season.

The Cowboys aren't interested in Griese. Coach Bill Parcells said that he will go to training camp with his two young quarterbacks -- Chad Hutchinson and Quincy Carter. He said that Cowboys aren't looking for a veteran quarterback who hasn't shown enough ability to take a team to a Super Bowl.

Griese's departure saves the Broncos $4.9 million of cap room in 2003 and $1.4 million in 2004. They will take a $6.945 million cap hit next year.

Meanwhile, coach Mike Shanahan appears to be willing to wait on halfback Terrell Davis, who is trying to come back from career-threatening knee problems. Davis is not expected to be released soon.

Davis is training in Phoenix, trying to see if he can come back from microfracture knee surgery. Davis isn't ready to practice at the Broncos June minicamp. He's hoping that Shanahan will give him a chance to come to training camp if the knee is right.

There isn't much of a cap savings involving Davis because he reduced his salary to the NFL minimum of $655,000.

John Clayton is a senior writer for ESPN.com. Information from The Associated Press was used in this report.