Peyton Manning's 14-year career with the Indianapolis Colts is coming to an end after owner Jim Irsay informed the four-time NFL MVP on Monday night that the team will release him, according to team sources.

Irsay and Manning traveled together Tuesday night from South Florida on Irsay's private jet and will conduct a joint news conference at noon ET on Wednesday, which sources said will be to announce the quarterback's departure.

The pair was spotted together in Irsay's car after arriving in Indianapolis. Irsay began to address the media before Manning, while smiling, "We'll see ya'll tomorrow. We're gonna talk tomorrow."

When asked if they were both happy, Manning said: "We're good, we're good. We're gonna talk tomorrow. We're gonna do it the right way tomorrow."

Manning then repeated the same "We'll do it tomorrow" response when asked to describe how tough his pending release was for him.

The decision to pass on the $28 million bonus owed to Manning and not to pick up the four remaining years on his contract means Manning will become a free agent.

Manning will officially become a free agent once the Colts submit his release to the NFL, the league processes it and places his name on the waiver wire. That could happen as soon as Wednesday afternoon, as the league typically distributes that list at about 4 p.m. ET each weekday.

Sources said Manning intends to continue playing despite missing the entire 2011 season after having his third neck surgery in 19 months, a fusion of two vertebrae.

Without Manning, the Colts went just 2-14 and landed the No. 1 overall pick in April's draft.

Irsay has since rebuilt the Colts organization, firing vice chairman Bill Polian, coach Jim Caldwell, most of Caldwell's staff and general manager Chris Polian, Bill's son.

Manning preferred to remain with the Colts, one source said, but a source close to Irsay said the owner concluded that the major restructuring of the organization would include a change at quarterback, likely either former Stanford quarterback Andrew Luck or former Baylor quarterback Robert Griffin III.