The Broncos were eliminated from the playoffs on Sunday after a 24-13 home loss to the Indianapolis Colts.
"There's a lot of things I need to figure out," said Welker, who becomes a free agent in March.
The 33-year-old played in 14 games in 2014, starting eight and missing two due to a suspension. He had a career-low 49 catches for 464 yards and two touchdowns this season.
Welker was named to five straight Pro Bowls from 2008 to 2012 while a member of the New England Patriots and signed a two-year contract with the Broncos before the 2013 season. In his first year in Denver, he had 73 catches for 778 yards and 10 touchdowns.
- Molly Geary