The Colts will release quarterback Peyton Manning on Wednesday, according to a new report, and the Jets will be interested in him as a free agent.

The Colts will end their 14-year relationship with Manning rather than pay him a $28 million roster bonus that is due this week, ESPN.com reported.

The Jets definitely will consider signing Manning, a source said Tuesday.

The source said the Jets need to see how healthy Manning is before deciding how aggressively they will pursue him. They are also wrestling with the idea of completely shaking up their franchise.

The Jets have shown a willingness to make a big move before. They traded for quarterback Brett Favre before the 2008 season, a move that sparked huge interest in the team but fizzled when Favre suffered an arm injury and the team collapsed in December.

If the Jets make this move, it could spell the end of Mark Sanchez’s time with the team. The 2009 first-round pick would be a very expensive backup.

Manning, who turns 36 later this month, did not play in 2011 after undergoing several surgeries on his neck.

Teams surely will want to see Manning conduct some kind of throwing workout to see his health before bidding. The Dolphins, Redskins, Seahawks, Cardinals and Chiefs are all expected to be interested.

The report says “the announcement will come at a news conference in Indianapolis on Wednesday with both Manning and owner Jim Irsay in attendance.”

Colts spokesman Avis Roper said he could not confirm the decision, or that a news conference would be held Wednesday, because Irsay was out of town and could not be reached for comment. Neither Irsay nor Manning’s agent, Tom Condon, responded immediately to messages left by The Associated Press.

There have been varying reports on Manning’s current health, with the most significant question being how close his arm strength is to returning to normal.

Manning’s father, Archie, said last week his son “looks fine” on the field, and Saturday a short video was released of Manning passing to Colts tight end Dallas Clark and wide receiver Austin Collie in an “aggressive throwing session.”

The Colts are expected to use the first pick in April’s NFL Draft to select former Stanford quarterback Andrew Luck, regardless whether Manning is still in the fold.

Manning has spent his entire 14-year NFL career in Indianapolis after the Colts selected him with the top overall pick in 1998.

Since entering the league, Manning has led Indianapolis to 11 playoff appearances, two AFC titles and a Super Bowl victory in 2006-07.

The Colts finished 2-14 without him under center last season. The performance prompted owner Jim Irsay to clean house by parting with longtime vice chairman Bill Polian and general manager Chris Polian.

Head coach Jim Caldwell was sent packing along with several other members of the team’s coaching staff.

With AP; NewsCore