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Report: Indianapolis Colts to Release Peyton Manning

The Indianapolis Colts will announce the release of quarterback Peyton Manning tomorrow at a press conference, according to ESPN's Chris Mortensen. Mortensen, citing sources close to the Colts, says a press conference will be held by the team tomorrow, with both Manning and Colts owner Jim Irsay in attendance.

Manning is due a $28 million option bonus on Thursday if he is not released by the Colts. The bonus would also activate the final four years of his contract. The Colts are looking to move on to the Andrew Luck era, who they will presumably pick with the first overall draft choice this April.

Manning missed all of the 2011 season following four neck surgeries, and has been awaiting a nerve to regenerate in his neck. Doctors have recently cleared the 4-time league MVP to return to NFL activities.

Upon his release, Manning will be cleared to sign with any NFL team immediately, not having to wait until the free agency period begins March 13.