Report: Colts to Release Peyton Manning

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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.

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