Graham is under contract with the Packers in 2020, scheduled to count $11.67 million against the salary cap in the final year of his three-year deal.
The Packers would save $8 million against the cap by releasing him.
Graham, 33, caught only 38 passes for 447 yards and three touchdowns in 16 games in 2019.
While some teams are making salary-cap friendly cuts, Gutekunst said the Packers may wait a while.
“After we get through free-agency meetings, after we get through draft meetings and then we get back from the combine, the picture starts to get a little clearer,” Gutekunst said when asked about Graham’s future with the team, via Rob Demovsky of ESPN. “And certainly with the CBA thing in flux, that’ll help, too. So I’m going to be patient there and get to the other side of the combine before we start making any decisions.”