Quarterback Peyton Manning, the face of the National Football League’s Indianapolis Colts for the last 14 years, will likely be on a new team next season, according to sources.

The Colts reportedly decided to release Manning instead of paying a $28 million bonus owed to him and picking up the remaining four years of his contract.

Assuming the Colts make the move official by the Thursday afternoon deadline, Manning will soon be a free agent.

This means he can attempt to sign on with any of the league’s other 31 teams.

Manning missed all of the 2011 season following multiple neck surgeries.

Manning took part in an “aggressive throwing session” on Friday at Duke University, according to sources at the event who contacted ESPN’s Carlos Mortensen.

The Colts have the No. 1 overall pick in the upcoming NFL draft.

They could use it on highly-touted Stanford quarterback Andrew Luck or Baylor quarterback Robert Griffin III.