Andy Lyons/Getty Images

The Indianapolis Colts announced Tuesday they will unveil a statue for legendary quarterback Peyton Manning Oct. 7, the day before their Week 5 matchup with the San Francisco 49ers.

In addition to a statue, the Colts will retire Manning's No. 18 jersey during halftime of the 49ers game.

"Peyton will always be a Colt," team owner Jim Irsay said. "This will be an event our city, state and Colts fans around the world can celebrate and be proud of."

Manning also provided a statement: "I am humbled, and I am grateful to Jim and the Irsay family for this tremendous honor."

Manning will be the eighth Colts player to have his number retired by the franchise. The team noted the previous seven players had starred for the franchise during its time in Baltimore.

Indianapolis Colts Retired Numbers Player Number Years w/Team Peyton Manning* 18 1998-2011 Johnny Unitas 19 1956-1972 Buddy Young 22 1953-1955 Lenny Moore 24 1956-1967 Art Donovan 70 1950, 1953-1961 Jim Parker 77 1957-1967 Raymond Berry 82 1955-1967 Gino Marchetti 89 1953-1964, 1966 Source: NFL.com

Thirteen others have been inducted into the Colts' ring of honor as well, with former general manager Bill Polian the most recent addition in 2016.

Once Manning retired after the 2015 season, it was only a matter of time before the Colts honored him.

He's arguably the greatest quarterback in franchise history, with team records in passing yards (54,828) and passing touchdowns (399). According to Pro Football Reference, Manning is also tied for third among Colts players in first-team All-Pro honors (five) and tied for first in Pro Bowl appearances (11).

The Colts were also wildly successful with Manning under center. In his 13 years as the team's starting quarterback, Indianapolis reached the playoffs on 11 occasions and claimed its second Super Bowl title with a 29-17 victory over the Chicago Bears in Super Bowl XLI in February 2007.