Peyton Manning is being cut from the Indianapolis Colts, and the team is expected to make an official announcement at a press conference Wednesday morning.
Manning, who won four league MVPs and led the Colts to their only Super Bowl win in 2007, was drafted by the franchise in the 1997 draft.
The 35-year-old quarterback, who has been the face of the Indianapolis Colts for the past 13 years, has undergone multiple surgeries on his neck over the past year and a half, and missed the entire 2011 season.
Cutting Manning will prevent a $28 million cap hit for the team, and open the door to hand over the reins to Stanford quarterback Andrew Luck.
Manning, who reportedly intends to continue playing, will become a free agent.
photo: Adriana M. Barazza/WENN