Report: Colts to Release Peyton Manning

Andy Lyons/Getty Images(INDIANAPOLIS) -- The Indianapolis Colts will release quarterback Peyton Manning, according to ESPN's Chris Mortensen. A press conference has reportedly been scheduled for Wednesday in Indianapolis.

Manning, who missed the entire 2011 season after undergoing three neck surgeries in 19 months, will now become a free agent and sources say he intends on resuming his career. According to ESPN, sources say the Colts declined to pick up his $28 million option and the four years remaining on his contract due to concerns over his recovery.

The four-time MVP has been medically cleared to play by doctors and was seen working out with Colts receivers last week. Manning has played his entire 14-year career with the Colts.

The Colts have the No. 1 overall pick in this year's NFL draft and are expected to take one of two quarterbacks, either Andrew Luck from Stanford or Baylor's Robert Griffin III.

Copyright 2012 ABC News Radio

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