A Herald columnist reported that Brady was making contract demands in the wake of San Francisco 49ers quarterback Jimmy Garoppolo's new deal. However, a WEEI listener called into the radio station Friday morning saying he had posed as Brady's agent Don Yee to supply false information.
Along with retracting the story, the newspaper apologized to Brady, Yee and the Patriots and announced the column has been suspended pending further review.
Brady on Friday posted a reflection on the 2017 season on Instagram, in which he did not reference the column's claims. Brady's post was made before the Herald formally retracted the story.
Later on Friday, WEEI suspended on-air host Christian Fauria -- a former Patriots tight end -- for five days for impersonating Yee while using a stereotyped Asian accent.
The station said it didn't support Fauria's "insensitive and ill-conceived attempt at humor." Fauria supported the station's decision, saying he "made a horrible attempt at humor."
The Associated Press contributed to this report.