Adam Schefter discusses why the Broncos are not in a rush for Peyton Manning's decision on his retirement. (1:15)

INDIANAPOLIS -- Denver Broncos executive vice president of football operations/general manager John Elway said he met with quarterback Peyton Manning earlier this week and that Manning has not yet made a decision about retirement.

Manning met with Elway for two hours Tuesday at Elway's house.

"I met with Peyton a couple nights ago and we had a good talk, and as I said after the game [Denver's Super Bowl 50 victory], we're going to give him as much time as he needs, and he still needs some more time," Elway said at the league's scouting combine. "We're going to afford him that time. He deserves that after 18 years in this league, but we're going to afford him that time to figure out what he wants to do."

Broncos coach Gary Kubiak said Wednesday at the combine he had spoken to Manning as well and that the team would continue to take the patient approach with the future Hall of Famer. But both the Broncos and Manning have a deadline of sorts in place, given that Manning's $19 million base salary will be guaranteed when the new league year begins at 4 p.m. ET on March 9.

"We'll stay in touch, and in the next week or two, we'll get back together," Elway said Thursday. "But it's still in his court. We're going to give him that time, let him enjoy the win. It's only 2½ weeks since we won. ... We'll continue to respect that."

John Elway said Peyton Manning, who will turn 40 in March, has not made a decision on retirement and that the Broncos will continue to be patient as they weigh whether to re-sign to-be free agent Brock Osweiler. Harry How/Getty Images

Manning missed seven starts this past season because of a tear in the plantar fascia near his left heel. He will turn 40 on March 24.

If Manning wants to return, he still has a year remaining on his contract, and he would have to pass an exam on his surgically repaired neck before March 9. The Broncos are also working toward a deal with quarterback Brock Osweiler, who is poised to be an unrestricted free agent.

Elway said Thursday that if Manning wants to return, it would open another set of discussions about his contract as well as Osweiler's status.

Asked whether Osweiler or his representatives wanted to know Manning's decision before agreeing to a new deal with the Broncos, Elway said, "I haven't talked to Brock yet. I would think that's probably something Brock would want to know. At this point in time, we'll talk to Brock, but I'm not going to be able to give him that answer."

Osweiler was 170-of-275 for 1,967 yards, 10 touchdowns and six interceptions in his seven starts last season. He was pulled in the third quarter of the regular-season finale as Manning led a comeback win over the San Diego Chargers that earned home-field advantage for the Broncos.

Manning then started the Broncos' three playoff games. The Broncos were 5-2 in Osweiler's starts, including overtime wins over the Cincinnati Bengals and New England Patriots.

"We're really not in a hurry," Elway said. "Brock knows what we have to offer. We have a lot of interest in Brock. We'd like to do something with Brock."