Denver -- Peyton Manning was hammering out the final details of a contract Monday to become the next quarterback of the Denver Broncos, FOX Sports confirmed.
The four-time MVP has directed his agent to negotiate a deal with the reigning AFC West champions.
Manning, who had narrowed his search down to Denver, San Francisco and Tennessee, reportedly called all three teams personally to inform them of his decision.
Titans owner Bud Adams later expressed his disappointment in failing to land the prized free agent.
"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," Adams said in a statement. "Now that we move forward, I want our fans to know that our expectations haven't changed -- winning a championship is still the goal."
AP
Peyton Manning.
News of Manning's decision was first reported by ESPN.
The two sides are said to be working out the kinks on a five-year deal. Manning and Denver executive vice president of football operations John Elway briefly discussed the parameters of a deal worth $95 million earlier this month, according to the report.
The move likely means Broncos quarterback Tim Tebow will be on his way out of Denver, with the team looking to pursue trade options for the immensely popular signal caller, according to the report.
Manning's, decision to take the reins in Denver after 14 seasons in Indianapolis, brings an end to the most highly publicized free-agency frenzy in NFL history.
The 11-time Pro Bowler, who turns 36 on Saturday, was released by Indianapolis on March 7 after Colts owner Jim Irsay decided not to pay Manning a $28 million roster bonus.
Irsay opted to roll the dice on drafting a quarterback of the future after four offseason neck surgeries sidelined Manning for the entire 2011 season and the team finished a league-worst 2-14.
Indianapolis is expected to draft Stanford star Andrew Luck with the first overall pick in next month's NFL Draft.
Manning, who ranks third in NFL history with 54,828 career passing yards and 399 touchdown passes, led the Colts to 11 playoff appearances, two AFC titles and a Super Bowl victory in 2006-07.
Barring a snag in the final contract negotiations, Denver will become Manning's second NFL home after the Colts drafted him with the first overall pick in 1998.
Peyton Manning, Denver Broncos, Denver, Bud Adams, NFL, FOX Sports, San Francisco, AFC West, John Elway, Colts owner Jim Irsay
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