Speculation has been raging about where Peyton Manning might play in 2012, even before the Colts decided to release him.

In February, Cal Neva Casino in Reno put up odds for Manning's future at their sportsbook.

At the time, the best odds had Manning either retiring or playing for the Dolphins.

It seems very unlikely that the quarterback will retire, as he's been throwing the football and has reportedly looked very good doing so.

The Dolphins remain a top contender to sign Manning, but a new favorite has emerged.

The sportsbook has given the Cardinals the best shot at signing the future Hall of Famer at 19 percent.

Arizona seems like a very good fit for Manning.

The team would have plenty of cap space to sign Manning after releasing Kevin Kolb. The Cardinals would have approximately $37 million in cap space if they cut Kolb.

Kolb had a disappointing 2011 campaign after signing a lengthy contract with the Cardinals. He played in only nine games because of injuries, and threw just one more touchdown than interception.

Arizona has one of the best offensive weapons in the game in Larry Fitzgerald, and teaming him up with Manning could prove to be very difficult for opposing defenses to stop.

Signing with Arizona would also allow Manning to play in a warm weather city. The quarterback is not used to playing in the cold, since he's played most of his career in a dome with Indianapolis.

If Manning joined the Cardinals, he would make them an instant contender. They finished the 2011 Season with an 8-8 record, despite struggling to adequately fill the quarterback position the entire season.

The club has a few holes, but they have more than enough money to spend to improve the team.

The sportsbook lists Miami as the second most likely destination at 16.5 percent. The Redskins come in third at 13 percent, followed by the Jets and Chiefs at 9.5 and 7.5 percent respectively.

Even though all indications are that Manning will play this upcoming season, the sportsbook still places his odds of retiring at 6 percent.