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The San Francisco 49ers are set to release wide receiver Torrey Smith heading into free agency, NFL Network’s Steve Smith Sr. reports.

Smith was unable to live up to expectations after landing a five-year, $40 million deal to join the 49ers in 2015, recording just 930 receiving yards and seven touchdowns across 28 games.

Already rich with salary-cap space as the new regime starts its rebuild, the 49ers will save a little less than half of Smith’s scheduled $9.475-million hit by parting ways.

The position will now be an even more glaring need for Kyle Shanahan’s offense in both free agency and the draft. As things currently stand, Jeremy Kerley, Quinton Patton, and Bruce Ellington are the top receivers on the depth chart.

Smith becomes an unrestricted free agent as soon as his release is made official. Still just 28 and capable of producing as a vertical threat, he’ll likely have several suitors on the open market.