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The Peyton Manning era in Indianapolis will end Wednesday.

USA TODAY's Jim Corbett confirmed that the quarterback will be released by the Colts after speaking with Manning's brother, Cooper.

"Peyton and I talked today and had a good chat,'' the eldest Manning brother said by phone from his home in New Orleans. "He's going through kind of an emotional time right now. Until it was over, he was a Colt through and through."

The Colts will release the four-time NFL MVP, opting not to pick up his $28 million roster bonus and leaving him free to sign with any team. The team will announce the move Wednesday in a press conference attended by team owner Jim Irsay and Manning, according to ESPN's Chris Mortensen.

Manning, who turns 36 years old in two weeks, still wants to play football after sitting out the 2011 season following multiple neck surgeries. He watched from the sidelines as the Colts finished 2-14, securing the No. 1 pick, which they are likely to use on former Stanford quarterback Andrew Luck.

The team fired the personnel management team of Bill and Chris Polian, installing Ryan Grigson as the team's new general manager.

"Time will take away some of the hurt that comes with leaving the organization,'' Bill Polian told USA TODAY. "He will look back on it from a little bit of distance I hope secure in the knowledge that he made an incredible contribution to that franchise."

Manning, who led the Colts to a Super Bowl victory following the 2006 season, played 14 seasons and did not miss a start before 2011. He has been medically cleared to resume playing football, and has worked out in North Carolina this offseason.

"I don't think Peyton's done any personal diligence on what the next step is," Cooper Manning said. "Now he'll have to re-evaluate and see what this next chapter reads like."

Manning's older brother has not seen the quarterback throw in person, but said the triceps nerve in his throwing shoulder that was slow to recover following Sept. 9 neck fusion surgery is recovering at an encouraging rate.

"Peyton has gotten better and he will only continue to get better,'' Cooper Manning said.

Polian says he is confident the man featured in a recent YouTube video throwing footballs is Manning, and that the quarterback showed great improvement.

"After 14 years, I recognize that throwing motion even from a distance," Polian said. "He looked darn close to the original Peyton Manning."

Contibuting: Jim Corbett