What has long been rumored will finally become official tomorrow: Peyton Manning’s time in Indianapolis is coming to a close.

According to ESPN’s Chris Mortensen, the Colts have decided to release the future Hall of Fame quarterback after having him under center for the past 14 seasons. The choice to move on from Manning couldn’t have come at a better time for the team, as Indianapolis is lined up perfectly to replace him in the draft by selecting Andrew Luck (Stanford) with the first overall pick.

Manning was due a $28 million bonus on Thursday and while the Colts could have elected to re-structure his deal to avoid paying out that large an amount, the expected addition of Luck as their future starter made it inevitable that Manning’s time with the team would be over eventually.

Both the Colts and Manning will hold a press conference tomorrow to announce the decision. Indianapolis has until 4:00 pm EST to submit the paperwork for Manning’s release to the league office, after which he’ll immediately be free to sign with any club of his choosing.

So far, the main suitors expected to vie for Manning’s services include Miami, New York Jets, Arizona, Washington, and Kansas City.  Manning will undoubtedly command a hefty contract, but provided he can show he’s capable of regaining his previous form and is healthy, interested teams should have little trouble offering him the kind of money he’s looking for.

We’ll definitely have more on this story as it breaks so be sure to check back often for the latest news on this and everything else going on around the league.