The big deal is done. Peyton Manning is a Denver Bronco.

A person familiar with negotiations says that Manning and the Broncos completed his five-year contract worth about $96 million on Tuesday morning.

The person spoke on condition of anonymity because Manning is to be introduced at a news conference at Broncos headquarters later.

The agreement ends a wild chase for perhaps the most valued free agent in the history of the NFL, a quarterback who has won an unprecedented four league MVP awards and took the Indianapolis Colts to a Super Bowl victory in 2007.

It also represents a huge coup for Broncos executive and Hall of Fame QB John Elway, and is likely to end the Denver career of young quarterback Tim Tebow, who energized the Broncos in leading them to the playoffs last season despite some uneven play.

ESPN and the NFL Network first reported on the completion of the Manning deal.

Manning became a free agent when the Indianapolis Colts released him March 7 after the quarterback missed all of last season because of multiple neck surgeries.

The Colts released him rather than pay a $28 million contract bonus, ending a 14-year alliance between the team that drafted Manning No. 1 overall out of the University of Tennessee and the QB who brought Indianapolis from football irrelevance to the 2007 Super Bowl title and a second appearance in the NFL championship game three years later.

But with Manning coming off a series of operations to his neck, the Colts decided it was time to rebuild from top to bottom, and they are expected to take Stanford quarterback Andrew Luck with the top pick in April's draft.

Manning-to-Denver creates a fascinating dynamic with Tebow, only months after he was the focus of the NFL regular season and perhaps the most talked-about athlete in sports, a polarizing figure both because of his style of play — as far as possible from a classic, dropback passer — and his outspoken religious beliefs.