Dean Michaels

Peyton Manning has decided on the Denver Broncos as his new team.

According to a report, Manning has instructed his agent Tom Condon to begin negotiations on a contract with the Broncos.

ESPN first reported Manning's decision citing unidentified sources. The report also said that the Broncos will attempt to trade Tim Tebow upon completion of the Manning deal and also attempt to acquire Manning's long-time center, Jeff Saturday.

A four-time NFL MVP, Manning informed Hall of Famer and Broncos vice president of football operations John Elway on Monday morning of his decision - and also told the other teams considered to be finalists for his services (the Tennessee Titans and San Francisco 49ers) of his choice as well.

"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," Titans owner Bud Adams said. "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."

Manning was released on March 7 by the Indianapolis Colts, who elected not to pay the $28 million bonus owed to Manning and not pick up the four remaining years on his contract.

The Colts are expected to select Stanford quarterback Andrew Luck the top overall pick of the upcoming draft.

Manning missed the entire 2011 campaign after having his third neck surgery in 19 months. Prior to the 2011 season, Manning had never missed an NFL game in his 13-year career.

Peyton Manning Finds New Home, Signs with Broncos - NFL 2012