Wes Welker is saying goodbye to Tom Brady and hello to Peyton Manning.

The Broncos agreed with Welker on a two-year contract worth $12 million, a league source told ESPN NFL Insider Adam Schefter. The deal also includes $150,000 in incentives in each year if he catches 90 passes.

The other team that pursued Welker was the Tennessee Titans, a source familiar with the situation said.

The Patriots responded quickly to Welker's loss by agreeing in principle on a five-year, $31 million deal, including $10 million guaranteed, with St. Louis Rams wide receiver Danny Amendola, a league source told Schefter.

As for how Welker's departure has been received by Brady, who last month restructured his contract to provide more salary-cap flexibility to help the Patriots build a better team, a source who had direct contact with Brady told ESPNBoston.com that the quarterback is "bummed out."

Broncos executive vice president of football operations John Elway tweeted the club's agreement with the former New England Patriot.