Holmes is scheduled to make $11.25 million -- $7.5 million guaranteed -- in 2013. The former Super Bowl MVP made a combined $20 million over the last two seasons.
The cap-strapped Jets began dumping salary last week, releasing veterans Bart Scott, Calvin Pace, Eric Smith and Jason Smith. The cuts created $30.7 million in cap relief and put the Jets approximately $5.7 million under the cap.
Holmes, who turns 29 on March 3, is recovering from a foot injury that sidelined him for the final 12 games of this past season, his third with the Jets.
A seven-year veteran, Holmes has a $12.5 million cap charge for 2013, the third-highest on the Jets. He has the $7.5 million guarantee in 2013, but his contract includes off-set language -- meaning he can't "double dip" if he's released.
If Holmes gets cut and signs elsewhere, he can earn a maximum of $7.5 million, with the Jets responsible for the difference between $7.5 million and his new salary. The off-set language, therefore, gives the Jets some leverage in a renegotiation.
Holmes underwent foot surgery last October to repair a Lisfranc injury. In December, he said he'd have to undergo another surgery -- in February -- to have plates removed from his foot. Holmes is expected to be ready for the season, but he may not be 100 percent.
ESPNNewYork.com's Rich Cimini contributed to this report.