Update at 3:35 p.m. ET: It's official. Peyton Manning is indeed joining the Denver Broncos. He's talking with reporters in Denver right now.
Our Original Post:
"And they have a deal," The Denver Post reports. "An NFL source confirmed Tuesday morning the Broncos and quarterback Peyton Manning have agreed to a five-year, $96 million deal."
The Associated Press says says it too has been told by "a person familiar with negotiations" about the deal, and that Manning "is to be introduced at a news conference at Broncos headquarters later."
NFL.com adds that the news conference is tentatively scheduled for 3 p.m. ET.
Word about where one of the greatest quarterbacks in NFL history would land, first broke Monday afternoon. Manning and the Indianapolis Colts parted ways earlier this month. He sat out last season due to injuries, and the Colts' 2-14 record without the 4-time MVP gave Indianapolis the chance to pick first in the upcoming draft. The team is expected to choose Stanford quarterback Andrew Luck.
Now, watch for what happens with Broncos quarterback Tim Tebow, who became quite the sensation last season. There's talk he may be traded.