Peyton Manning agreed to a five-year, $96 million deal Tuesday with the
Denver Broncos, the NFL Network reported
The four-time MVP will be introduced as the team's new starting quarterback at a 3:00pm ET press conference.
The sides are reportedly still finalizing the details of the contract, but the soon-to-be 36-year-old is likely to make an annual salary of about $19 million.
The contract is expected to include injury protections for the Broncos, with Manning coming off a fourth neck surgery that sidelined him for the entire 2011 season.
Manning, one of the most prized free agents in NFL history, chose the Broncos Monday over bids from the 49ers and Titans, just weeks after being released by the
Indianapolis Colts.
"I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos," Colts owner Jim Irsay said in a statement Tuesday. "We wish him nothing but the best as he continues his Hall of Fame career."
The acquisition of Manning means the Broncos will now look to trade last year's starter,
Tim Tebow.
According to the NFL Network, five teams have contacted the Broncos about the 24-year-old.
The wildly popular quarterback led the Broncos on an improbable run to the AFC West title and a playoff victory over the Steelers last season.