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Peyton Manning Press Conference LIVE: Colts Announce Breakup With Star Quarterback (VIDEO)

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MIAMI GARDENS, FL - FEBRUARY 02: (L-R) General manager Bill Polian, team owner Jim Irsay and Peyton Manning #18 of the Indianapolis Colts look on during Super Bowl XLIV Media Day at Sun Life Stadium on February 2, 2010 in Miami Gardens, Florida. (Photo by Doug Benc/Getty Images)
MIAMI GARDENS, FL - FEBRUARY 02: (L-R) General manager Bill Polian, team owner Jim Irsay and Peyton Manning #18 of the Indianapolis Colts look on during Super Bowl XLIV Media Day at Sun Life Stadium on February 2, 2010 in Miami Gardens, Florida. (Photo by Doug Benc/Getty Images)

On Tuesday evening, ESPN reported that Peyton Manning and the Indianapolis Colts will be parting ways after 14 seasons. According to the report, the news would made official during a press conference at noon ET on Wednesday.

Late on Tuesday evening, Manning and Colts owner Jim Irsay were spotted together arriving in Indianapolis ahead of the planned press conference. The pair have publicly sparred in recent months as Manning's future has been in doubt due to a series of injuries and conflicting reports about his long-term health.

As first reported by ESPN on Tuesday, Irsay has decided to release the four-time MVP instead of paying him a $28 million bonus that would be due March 8.

Manning, 35, underwent three reported neck surgeries over the last 20 months and Don Banks of Sports Illustrated reported in February that he actually underwent a fourth procedure during that span.

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