Peyton Manning will call time on one of the greatest careers in NFL history on Monday, the Denver Broncos confirmed in a statement on Sunday.

Following reports of the quarterback’s imminent retirement, John Elway, the team’s vice-president hailed Manning in a statement. “When you look at everything Peyton has accomplished as a player and person, it’s easy to see how fortunate we’ve been to have him on our team.”

“Peyton was everything that we thought he was and even more,” Elway continued. “I’m very thankful Peyton chose to play for the Denver Broncos, and I congratulate him on his Hall of Fame career.”

Speculation Manning would retire had been building since his Denver Broncos lost to the Indianapolis Colts in last season’s divisional playoffs – in the end, though, he went out on a high, winning Super Bowl 50 for his second NFL championship. Manning, hampered by injury this season, had looked a shadow of the player who dominated the league for years. At the age of 39, and with the Broncos’ defense forced to make up for his failing powers last season, Manning decided a Super Bowl victory was the perfect note to bow out on.

ESPN reported that Manning plans to formally announce his retirement on Monday.

Manning is a cert to become a member of the Hall of Fame, and his career record is astounding. The first overall pick in the 1998 Draft, Manning holds the NFL record for career touchdown passes, career passing yards and single season touchdown passes (53). He was also named to the Pro Bowl 14 times.

“It was a blessing to coach Peyton Manning,” Broncos coach Gary Kubiak said in the team statement. “Being with him this season, going through what we went through and accomplishing what we accomplished – that was special.”

The other great quarterback of Manning’s generation, Tom Brady, paid tribute to his old rival on Facebook on Sunday. “Congratulations Peyton, on an incredible career,” he wrote. “You changed the game forever and made everyone around you better. It’s been an honor.”

The Broncos are now likely to turn to Brock Osweiler at quarterback in the short-term. Osweiler stood in for Manning earlier this season and did a good, if not spectacular job, throwing for 10 touchdowns and six interceptions. The Broncos won five games and lost three with Osweiler under center.

If there is any criticism of Manning’s playing career, it is that he struggled to convert his skills into Super Bowl victories, although this year’s victory will have gone some way to dampening that argument. His other victory before this season came in Super Bowl XLI when he led the Colts to a 29-17 win over the Chicago Bears. In comparison his brother, Eli, a less talented player, has won the same number of Super Bowls with the New York Giants while the other great quarterback of his generation, Brady, has four. Manning has also come under scrutiny off the field after ugly allegations about his conduct at college resurfaced last month.

For now though, what is undisputable is that Manning will retire as one of the greatest quarterbacks of all time.