Sources report that the Indianapolis Colts and their long time starting quarterback, Peyton Manning, will part ways after the team decided to not pick up Manning's $28 million bonus.
The Colts have until 4 PM Thursday to officially release Manning.
Manning, a four time NFL MVP, missed the entire 2011 season after recovering from three neck surgeries. Doctors have cleared Manning to resume his playing career and training.
Manning owns all of the Colts passing records and, up until last season, never missed a start in his career. A news conference planned for Wednesday will have both Manning and Colts owner Jim Irsay in attendance.
The Indianapolis Colts are expected to draft Stanford quarterback Andrew Luck in be Manning's successor in this April's NFL Draft.