Peyton Manning to Sign with Denver

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Our sister station FOX 31 in Denver is reporting Peyton Manning will sign with the Denver Broncos.

Sources say Manning has instructed his agent to begin contract negotiations with the Broncos.

“Peyton Manning called John Elway this morning to tell him he’s looking forward to coming to play for him,” NFL insider Adam Schefter tweeted Monday morning.

The deal is believed to be five years and $95 million.

The Broncos will now attempt to trade third year quarterback Tim Tebow, Schefter reports.

Manning missed the entire 2011 season while recovering from surgery to alleviate neck pain and arm weakness. The Colts released him earlier this month rather than paying him a $28 million bonus.

The Tennessee Titans had been trying to recruit Manning.  Titans owner K.S. Bud Adams, Jr. released this statement on Monday.

“I want to thank the whole organization for their efforts in trying to sign Peyton and also to Peyton for the time he put into the process. Peyton called me this morning to inform me of his decision and obviously I am disappointed, because I thought we would be a perfect fit.

Now that we move forward, I want our fans to know that our expectations haven’t changed – winning a championship is still the goal. I like our quarterback situation moving forward and we will continue to build the team through free agency and the draft with that goal in mind.

I also want to commend Matt Hasselbeck and Jake Locker. They were thrown into a very difficult situation. Matt was very good for us last year; and at some point, we expect Jake to be our future franchise quarterback.”