The Broncos are reportedly not keen to extend Welker's stay, with the player admitting that he does not want his final chance to go by without taking advantage of it.
"That's one way to look at it, for sure, [that it's my last chance]," Welker told NFL.com.
"I don't really think of it that way, but at the same time, you understand - we have a great opportunity. You don't want to let it pass by without being at your best and playing at your best."
Welker has also played for the San Diego Chargers, Miami Dolphins and New England Patriots.