It looks like Peyton Manning's 14-year run with the Colts is coming to an end.

ESPN's Chris Mortenson is reporting that Indianapolis will announce today that the team will release the quarterback.

The Colts are expected to make the announcement at a press conference at noon. The press conference can be seen live on NFL Network or ESPN.

Colts owner Jim Irsay flew with Manning from Florida on Irsay's private jet to Indianapolis, as the two will hold a joint news conference to announce the decision.

When asked if both parties were content with the decision, Manning responded, We're good, we're good. We're gonna talk tomorrow. We're gonna do it the right way tomorrow.

Indianapolis would have had to pay Manning $28 million if they were to pick up his option.

Manning's release will probably leave him an unrestricted free agent by 4 p.m. ET today.

The quarterback has been working out this offseason, and intends to play football in 2012.

The four-time MVP has spent his entire career with Indianapolis.