The Indianapolis Star reports that Manning and the team "are expected to meet next week to discuss Manning's future with the team." However, owner Jim Irsay said that the final decision "probably will go into early March" since "it's a serious medical thing."
The Star notes that Manning "has been going through strenuous throwing sessions, most recently Tuesday at the Colts' complex and Thursday at an undisclosed location."
Manning also made it known this week that he has no plans to retire. Whether the Colts let him go or not, Manning surely will want to show the NFL that he's still got a lot left to offer.
In the meantime, he gets to watch his brother, Eli Manning, see if he can win a second Super Bowl against the New England Patriots.