Woodley, 30, signed a two-year, $12 million contract with Oakland last season after he was released by the Pittsburgh Steelers. If Woodley is released, Oakland would save $5.187 million against the salary cap and would have at least $55 million in cap space to spend during the offseason.
The Raiders are one of 10 teams that must increase spending on their payroll over the next two seasons or risk paying the money they don't spend back to the NFL Players Association.
Woodley played in only six games last season and was placed on injured reserve in October with a biceps injury after totaling only five tackles. He was due a $1 million roster bonus this month.
- Scooby Axson