03/07/2012 11:44 am ET

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

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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.