(CNN) — Four-time NFL MVP Peyton Manning is expected to announce today that he will be leaving the Indianapolis Colts, the only team he has played for in his 14-year career.

Manning and Colts owner Jim Irsay are scheduled to appear at a noon ET press conference in Indianapolis to make the announcement.

The two flew into Indy from South Florida together on Tuesday night, according to media reports.

“We’ll see ya’ll tomorrow. We’re gonna talk tomorrow,” Irsay told reporters after arriving in Indianapolis, ESPN.com reported.

Wednesday morning, Irsay tweeted, “It was a long, emotional flight … now the sun is trying to rise.”

The Colts will release Manning rather than pay him a $28 million bonus he is due on Thursday if he remains on the Indianapolis roster.

Manning was the No. 1 pick in the 1998 NFL draft by the Colts. He became their starting quarterback that year and led them to 11 playoff berths, two conference championships and one Super Bowl victory.

But Manning sustained a neck injury during the 2010 season and was forced to sit out the entire 2011 season after having surgery to fuse vertebrae in his neck.

The Colts plummeted to a 2-14 record without Manning, which gained them the first pick in April’s NFL draft. They are expected to take Stanford quarterback Andrew Luck or Baylor quarterback Robert Griffin III with that pick. Both are considered franchise quarterbacks, like Manning was when the Colts took him No. 1 in 1998.

Although he’s expected to leave the only pro team he has played for, Manning’s career is far from done. His doctors have cleared him to play and he’s been working out at Duke University.

He’ll become a free agent and is expected to be sought after by several teams. Among the favorites to land the 35-year-old QB are the Miami Dolphins, Washington Redskins, Arizona Cardinals and Tennessee Titans. ESPN reports that Manning is expected to work out for select teams once he narrows his choices.

 

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