The quarterback told he will need to restructure deal with the club if he is to stay there next season.
Peyton Manning must negotiate new deal to stay at Indianapolis Colts
Indianapolis Colts owner Jim Irsay has confirmed that he is open to Peyton Manning returning to the NFL club if he is willing to restructure his contract.
Manning, who sparked the Colts to the 2007 Super Bowl title, missed the entire 2011 NFL season after neck surgery last September and is believed to have not regained full strength in his right arm due to a nerve issue.
Irsay is expected to meet Manning within the next seven days to talk about options with a new contract likely to include incentives based upon how much time Manning is able to play.
"There's no question it can be worked out if he wants to be here," Irsay told The Indianapolis Star on Tuesday. "It can work if he wants to come back and can get back to being the old Peyton."
Manning will be due a US$28 million (Dh102m) option bonus on March 8 to activate the last four years in a five-year contract worth $90 million that he signed last July. If Irsay does not pay the bonus, Manning becomes a free agent at age 35.
If Manning is willing to renegotiate terms of his deal and is able to play, he has a future with the Colts, Irsay said.
"We can make it work if he wants to be here," Irsay said. "We would be excited to have him back and finish his career with us.
"I want him to be able to make the choice. We would love to have him back here if he can get healthy and we can look at doing a contract that reflects the uncertainty of the ... healing process with the regeneration of the nerve."