DENVER, Colo. (KKCO) -- The Denver Broncos have confirmed they are waiving former starting QB Kyle Orton.

John Elway, Broncos VP of Football Operations, issued the following statement on the team's official Twitter account:

"We just thought it was the best for the Broncos at this time as well as gives Kyle an opportunity to catch on with another team."

"I spoke with Kyle earlier today and thanked him for everything he did for the Broncos," said Head Coach John Fox. "He was a true professional throughout the season. I've got a great deal of respect for him as both a player and a person. This was the right decision for our football team. We feel good about our quarterback group, and this gives Kyle an opportunity to help another team and showcase his talents. I wish Kyle and his family all the best going forward."

Orton was benched during the Broncos Oct. 9 game against the San Diego Chargers and replaced with former first round pick Tim Tebow.

Elway said the following about Tebow on Tuesday:

"We're going to continue to look where he is. He continues to make progress. We will go into evaluations this off-season not only with Tim, but with the whole football team. He's 4-1 as a starter and the bottom line in this league is to win football games."

During his time as starter this season, Orton completed 91 out 155 passes for 979 yards, 8 touchdowns, and 7 interceptions.