Report: Colts to Release Peyton Manning, Quarterback Intends to Continue Playing

Peyton Manning and the Indianapolis Colts are parting ways after a 14-year marriage.

The Colts will release Manning, a decision that will be announced at a news conference in Indianapolis on Wednesday, according to ESPN's Chris Mortensen. Both Manning and Colts owner Jim Irsay will reportedly attend the news conference.

Manning will become a free agent in the wake of the Colts' decision to pass on the quarterback's $28 million bonus and not pick up the remaining four years of his contract. According to Mortensen, a source revealed that Manning intends to continue his playing career.

The four-time league MVP missed the entire 2011 season after undergoing multiple neck surgeries. The Colts then went on to go 2-14, earning the first overall pick in this offseason's draft. With that pick, the Colts are expected to draft Stanford quarterback Andrew Luck, regarded by many to be a can't-miss propsect.

Manning, who turns 36 on March 24, is continuing to increase his throwing regimen in an effort to return to the gridiron in 2012, and was even seen throwing at Duke University recently. Manning's throwing strength has dramatically improved as his nerves continue to regenerate following his latest neck surgery Sept. 8, ESPN.com reports.

The 11-time Pro Bowler is sure to be a hot commodity for teams in need of a quarterback. In other words, let the Manning sweepstakes begin.