The Peyton Manning era in Indianapolis is expected to end Wednesday, according to a report.

Citing anonymous sources, ESPN reported Tuesday that the Colts plan to hold a news conference to announce the long-expected decision. Manning and team owner Jim Irsay are expected to attend, the network said.

Colts spokesman Avis Roper said he could not confirm the decision - or that a news conference would be held today - because Irsay was out of town and could not be reached for comment. Neither Irsay nor Manning's agent, Tom Condon, responded immediately to messages left by The Associated Press.

Manning has said in the past that all he wanted to do was finish his career in a Colts uniform, but an injured neck forced him to miss all of the 2011 season.

"I can't tell you what an honor it is to go start-to-finish with the same organization here in Indianapolis. That is something I have always wanted to do as a rookie coming out," Manning said after signing a five-year, $90 million contract in July.

But things have changed since last summer. Now it looks like the NFL's only four-time MVP, and a former Super Bowl champion, won't be wearing No. 18 for Indy.

With a $28 million bonus payment due Thursday to Manning, his neck problems, and the fact that the Colts own the No. 1 pick in April's draft, the Colts seem to have deemed it too risky - and too pricey - to keep the longtime franchise quarterback, who will turn 36 later this month.

The Colts are expected to take Stanford quarterback Andrew Luck with the first pick in April's draft.

- The Associated Press