Peyton Manning to the Denver Broncos is likely a done deal after Manning he told his agent to hammer out contract details with Denver that will bring him to the Mile High City, ESPN.com reported.

Manning was cut by the Indianapolis Colts earlier this month and Denver was one of three teams he was strongly considering joining.

ESPN's Chris Mortensen and Adam Schefter reported Monday that Manning will be a Bronco barring a snag during intensified contract negotiations.

A contract between the two sides [Manning and the Broncos] is expected to be a formality, the duo said. Broncos Vice President of Football Operations John Elway and Manning first discussed the parameters of a five-year, $95 million contract during their March 9 meeting in Denver, the first time the former Indianapolis Colts quarterback visited a team during his free agency.

Broncos starting quarterback Tim Tebow, who led Denver to an 8-8 record in 2011 as well as the AFC West Championship, will be traded if Peyton Manning signs with the Broncos, ESPN reported.

Among the teams likely in the running for Tebow are the Jacksonville Jaguars and the Miami Dolphins. Tebow is a Florida native and played collegiate ball at the University of Florida.