The move comes days after Jackson accepted his $5.25 million player option, leaving him as a signed player for next season.
Per both reports, the Nuggets were looking to shed payroll to improve their bargaining position as they try to bring back Kentavious Caldwell-Pope. The veteran guard reportedly is opting out of a $15.4 million player option for next season with Denver.
Jackson, 34, was a reserve on the Nuggets' 2022-23 NBA championship team.