ESPN reports that Manning and the Colts will jointly announce the quarterback's release at a news conference on Wednesday, allowing Manning to join whichever team he chooses.
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.
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.
Manning's future in Indianapolis was in doubt throughout the 2011 season as he was sidelined with a neck injury. There was speculation that Manning's career might be over altogether, but he has been medically cleared to continue playing and recent reports indicate that he is very close to full strength and ability once again.
The Colts are expected to select former Stanford Cardinal quarterback Andrew Luck with the No. 1 overall pick in the upcoming 2012 NFL Draft. Rumors have been swirling that the team would no longer wish to retain Manning following its acquisition of the two-time Heisman Trophy runner-up.
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