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The ending that most anticipated between the Indianapolis Colts and Peyton Manning will arrive on Wednesday, according to league sources, when the team is expected to release the four-time NFL MVP.
The team has made preliminary plans for the news conference Wednesday to officially announce the move.
The Colts are awaiting the final word from owner Jim Irsay, who has been out of town at meetings, but the expectation is they will go forward with the release and the press conference.
The move has been widely expected, as the rebuilding Colts owe Manning, the first overall pick in the 1998 NFL Draft, a $28 million bonus if he is on the team's roster at the start of the league year. Manning will become a free agent immediately.
As far back as late January, Manning, 35, said he had no plans to retire after missing the entire 2011 season following four procedures to repair two vertebrae in his neck. His most recent surgery on Sept. 9, a cervical neck fusion procedure, was intended to repair a damaged nerve in Manning's neck that caused weakness in his throwing arm.
Those close to Manning have maintained his desire to continue his career despite concerns that nerves in his arm had not been healing and were prohibiting his throwing. Manning has been throwing since December, and four sources with knowledge of his rehab process recently told NFL Network's Albert Breer that Manning has steadily has regained strength in his grip and triceps.
Irsay had publicly stated in February that the team would welcome Manning back, but only on a restructured contract that reflected the uncertainty of the quarterback's recovery.
The Colts hold the No. 1 overall pick in the 2012 NFL Draft, and Irsay has said the team would draft a quarterback whether or not Manning was healthy.
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