( CNN ) -- The Denver Broncos are in ongoing contract talks with free agent quarterback Peyton Manning , a member of the Broncos organization told CNN on Monday . Manning was released earlier this year by the Indianapolis Colts , the only team for which he 'd played in his 14-year pro career . In the subsequent weeks , the Super Bowl XLI victor -- who has been named the National Football League 's Most Valuable Player a record four times -- has been hotly sought after by several teams . He did not play during the 2011 season after having surgery to repair a neck injury , and he ended his career with the Colts this month in an emotional news conference . All indications Monday were that the Broncos were the only ones negotiating with the star quarterback , deflating several other teams in the process . The Miami Dolphins , Washington Redskins , San Francisco 49ers , Tennessee Titans and Arizona Cardinals were said to be among the others interested in signing Manning . SI 's Peter King : Bad news for other teams . While the signing has n't been made final , several Denver Broncos players expressed excitement Monday that Manning had picked their team to join . Running back Lance Ball wrote `` Wow ! '' on his Twitter feed , while offensive lineman Ryan Clady tweeted , `` Yes ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! '' `` It makes you think big , '' linebacker Robert Ayers told reporters . `` If you look at [ it ] historically , the teams that won the Super Bowl are teams with a guy like Ben Roethlisberger and Drew Brees and Eli ( Manning ) and Aaron Rodgers and all those guys . So it definitely makes you confident . '' Linebacker Joe Mays , who officially signed again with the Broncos on Monday , told CNN affiliate KMGH , `` We 're definitely going to go for that Super Bowl ring , and we 're going to do whatever it takes . We 've got the man at quarterback to play for us . '' Titans owner K.S . `` Bud '' Adams said in a statement that he spoke with Manning on Monday morning . `` 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 , '' he 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 told Adams that he will sign with the Broncos , KHOU-TV of Houston , Texas , reported . ESPN , citing multiple unnamed sources , said Manning would become the Broncos quarterback unless some unexpected problem surfaced during contract negotiations . The Denver Post , citing an unnamed NFL source , said Manning called former Broncos quarterback John Elway , who is now the team 's executive vice president for football operations , to say he wants to play for the Broncos and wants to negotiate exclusively with the team . SI 's Don Banks : Manning seeks to follow Elway arc . Manning 's agent , Tom Condon , declined to comment . The arrival in Denver of a superstar of Manning 's stature would raise questions about the fate of Tim Tebow , who became the Broncos starting quarterback last year amid electric fanfare and led the team into the playoffs . Tebow won the Heisman Trophy in 2007 , when he played for the University of Florida Gators . SI 's Chris Burke : Manning Watch over ; Tebow Watch begins . On Friday , Elway traveled to North Carolina to watch Manning practice . `` Watching him throw today was the next step in this important process for our team and Peyton . It was a productive visit and went well , '' Elway said on Twitter . `` We enjoyed visiting with Peyton today in N.C . He threw the ball great and looked very comfortable out there . ''
NEW : Broncos officials say Peyton Manning would boost their Super Bowl chances . The quarterback and Denver are negotiating a contract , a Broncos source says . The former quarterback was named the team 's Most Valuable Player a record four times . John Elway of the Denver Broncos visited Manning in North Carolina on Sunday .