The Colts will release the face of their franchise for the last 14 years.
Sources close to the team told ESPN senior NFL analyst Chris Mortensen that the announcement will come at a news conference in Indianapolis on Wednesday with both Manning and owner Jim Irsay in attendance.
The decision to pass on the $28 million bonus owed Manning and not to pick up the four remaining years on his contract means Manning will become a free agent, and sources told Mortensen that he intends to continue to play.
The Dolphins are expected to be heavily involved in the pursuit of the future hall of fame quarterback. Miami seems to be an ideal fit, as they have many solid pieces in place already and, with the addition of Peyton Manning, the Dolphins would be considered by many as a prospective playoff team.
That has to be what Manning is looking for. He will know his clock is ticking, and at this point it is all about winning another championship before his time is up. Of the teams expected to pursue him, the Dolphins may have the most attractive roster outside the quarterback position, so he may see that as a fit.
Manning has broken all of Indianapolis’ career records for quarterbacks and had never missed a start before last season. He’s taken the Colts to the playoffs 11 times, captured seven AFC South titles in eight years, won two AFC championships, one Super Bowl title and a Super Bowl MVP Award.
Source: ESPN, Associated Press