The end of an era in Indianapolis

Peyton Manning's 14-year career as a member of the Indianapolis Colts is coming to an end.

Sources close to the team told ESPN senior NFL analyst Chris Mortensen that the announcement will come at a news conference in Indianapolis on Wednesday with both Manning and owner Jim Irsay in attendance.

Ending the Peyton Manning era in Indianapolis is the ultimate business decision by Jim Irsay and the Colts, writes Paul Kuharsky. Blog

The decision to pass on the $28 million bonus owed Manning and not to pick up the four remaining years on his contract means Manning will become a free agent, and sources told Mortensen that he intends to continue to play.

The Colts have until 4 p.m. ET on Thursday to officially release Manning.

The four-time league MVP missed the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae. Manning has been medically cleared resume his career and has increased his throwing regimen.

Several sources have told ESPN during the past month that Manning's throwing strength has dramatically improved as his nerves continue to regenerate following his latest neck surgery Sept. 8. Dr. Robert Watkins, who performed the single-level cervical fusion, has stated publicly that he has cleared Manning to resume his playing career.

Manning has broken all of Indianapolis' career records for quarterbacks and had never missed a start before last season. He's taken the Colts to the playoffs 11 times, captured seven AFC South titles in eight years, won two AFC championships, one Super Bowl title and a Super Bowl MVP Award.

The Colts have the No. 1 overall pick in April's draft and are likely to draft former Stanford quarterback Andrew Luck or former Baylor quarterback Robert Griffin III.

(source ESPN)