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Report: Colts Want Manning To Return At Reduced Salary

Joe Robbins/Getty Images(INDIANAPOLIS) -- Owner Jim Irsay told the Indianapolis Star Tuesday that he is open to keeping quarterback Peyton Manning at a reduced salary.  If the 11-time Pro Bowler is still with the team on March 8th, he will receive a roster bonus of $28 million.

“To me, this is somebody volleying for some public opinion when in fact everybody knows where this is all headed, unless two people can find some compromise that is really difficult to imagine at this point,” ESPN NFL insider Adam Schefter said.

Manning missed the entire 2011 season recovering from neck surgery. Without their four-time MVP under center, the Colts finished the year with a dismal 2-14 record, earning them the overall number-one pick in this April's NFL Draft. They are expected to select highly-touted Stanford quarterback Andrew Luck.

Manning and Irsay are expected to meet within a week.

Copyright 2012 ABC News Radio

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