The Indianapolis Colts plan to release veteran quarterback Peyton Manning Wednesday, the USA Today said.
The nearly 36-year-old four-time NFL MVP will not have his option picked up by the team, which owes him a $28 million roster bonus, leaving him free to sign with any team.
The team plans to make the announcement at a press conference attended by team owner Jim Irsay and Manning, according to ESPN's Chris Mortensen.
Manning had to sit out the 2011 season after having multiple neck surgeries during the offseason and again during the NFL season.
Peyton's older brother Cooper Manning provided information to the report, which lead reporters to speculate that the Colts and Manning were close to parting ways.