Mike Reiss of ESPNBoston.com reported Wednesday afternoon that wide receiver Torry Holt has received an injury settlement after being placed on injured reserve, which effectively makes him a free agent.

This is obviously good news for the veteran, who was reportedly expected to undergo surgery this week on his knee.  The move gives Holt the chance to play this season if his knee is up to it, and should he find a new team that is in need of his services.

Many had hoped that Holt could earn a roster spot and potentially provide a veteran target for quarterback Tom Brady.¬† Unfortunately thanks to his injury,¬†things didn’t quite¬†work out.

Head coach Bill Belichick was asked yesterday if Holt could potentially stick around and be an active mentor with¬†some of the younger receivers, but Belichick responded, “I don‚Äôt think so.”

Needless to say best wishes to Holt, who was an entertaining and classy guy during his tenure here.  We wish him the best of luck.