Four-time National Football League MVP Peyton Manning will become a free agent as the Indianapolis Colts will release him, according to ESPN.

Colts owner Jim Irsay decided to pass on the $28 million bonus owed to Manning and not pick up the four years left on his contract, the story notes.

Manning plans to play again after sitting out the whole 2011 season following a third neck surgery, which fused two vertebrae, the piece notes.

While Manning preferred to stay with the Colts, Irsay decided that the team needed a new quarterback after a major overhaul of the organization, although the decision wasn’t financially motivated, according to the report. The new quarterback will likely be either former Stanford quarterback Andrew Luck or former Baylor quarterback Robert Griffin III, the piece adds.

Manning will be able to sign with another NFL team immediately after he’s released; the Colts have until 4 p.m. Thursday to make the decision official, the article notes.