Update: 4:00 p.m. on March 13. 2018

(CBS 58) -- The Green Bay Packers have released WR Jordy Nelson. General Manager Brian Gutekunst announced the transaction Tuesday.

Nelson, who was selected by the Packers in the second round (No. 36 overall) of the 2008 NFL Draft out of Kansas State, played in 136 regular-season games with 88 starts during his 10 seasons with Green Bay (2008-17). He ranks No. 3 in franchise history in receptions (550), No. 5 in receiving yards (7,848), No. 2 in touchdown receptions (69) and No. 3 in 100-yard receiving games (25). Nelson is the only player in team annals to record three seasons with 13-plus touchdown receptions (2011, 2014, 2016). He and Sterling Sharpe (1992-94) are the only players in franchise history to register three straight seasons with 85-plus receptions (2013-14, 2016).

“We cannot thank Jordy enough for all that he has given the Green Bay Packers and our community for the past 10 years,” Gutekunst said. “He has been an exemplary professional and teammate and greatly contributed to our success. Jordy will always be a member of the Packers family and we look forward to his eventual induction into the Packers Hall of Fame. We wish Jordy, his wife Emily, and the rest of their family all the best.”

Nelson has posted 1,250-plus receiving yards and 13-plus touchdown catches in the same season three times in his career (2011, 2014, 2016), the fourth most in NFL history behind Hall of Famers Jerry Rice (six), Randy Moss (five) and Terrell Owens (four). Nelson was selected to the Pro Bowl and named second-team All-Pro by The Associated Press for his performance during the 2014 season in which he set career highs in receptions (98) and receiving yards (franchise-record 1,519) while also hauling in 13 touchdowns. After he missed the entire 2015 season due to a knee injury, Nelson became the first Packer to be named the NFL Comeback Player of the Year by AP after registering 1,257 yards on 97 receptions (13.0 avg.) with a league-high 14 receiving touchdowns in 2016.

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(CBS 58) – The Packers are reportedly making some big moves on offense, including releasing wide receiver Jordy Nelson. 

An era appears to be over in Green Bay. 

Multiple reports say the Packers will cut Jordy Nelson Wednesday when the new league year begins.

Packers are releasing WR Jordy Nelson, per source.

— Adam Schefter (@AdamSchefter) March 13, 2018

Nelson has spent a decade in Green Bay and he's among the team's all-time leaders in several categories, but he seemed slower and his numbers declined in 2017. 

The Packers save more than $10 million against the salary cap by cutting Nelson. 

Another franchise-altering move was also reported minutes earlier. 

The Packers will reportedly sign tight end Jimmy Graham to a three-year contract.

Packers intend to sign TE Jimmy Graham to a three-year deal, sources tell ESPN.

— Adam Schefter (@AdamSchefter) March 13, 2018

Graham has spent the last several years with the Seahawks, but in his days in New Orleans he was one of the top tight ends in the game. It's one of the team's biggest needs and has been for several reasons. 

None of the moves can become official until 3:00 p.m. Wednesday. That's the start of the new NFL league year.