Peyton Manning Rumors: Highlighting the Latest Buzz as Decision Day Approaches

As Peyton Manning and the Indianapolis Colts creep closer to Thursday's deadline for a decision on the four-time MVP's $28 million option bonus, lots of chatter has been flying around. 

The NFL Network's Michael Lombardi thinks the Colts may try and keep the face of their franchise because he has clearly made tangible progress with his arm strength.

That said, if the Colts don't pay Manning his $28 million bonus and decide to release him, the likelihood of him re-signing with the team is extremely low. 

On Tuesday, Mike Chappell of the Indianapolis Star informed us that the issue over Manning's $28-million option will be resolved by the Thursday deadline. There was some speculation that the two sides might be able to extend talks on a potentially restructured contract through the weekend, but that has since been shot down. 

So what does all this mean?

To me, it means Manning will no longer be a member of the Colts on Thursday. He probably wants to stay in Indianapolis and if he was willing to take far less money than he would make on the open market, owner Jim Irsay would probably welcome him back.

That said, Irsay appears ready to draft Stanford quarterback Andrew Luck with the No. 1 overall pick in the 2012 NFL Draft and I sincerely doubt Manning would enjoy playing for a few more years while looking over his shoulder.

On Monday's Dan Patrick Show, former Colts coach Tony Dungy revealed that Manning is struggling with what to do about his future and the 11-time Pro Bowler would actually prefer to stay in Indianapolis.

That makes sense, as Manning has never worn another uniform in the NFL. The prospect of moving on after so many years has to be unsettling.

Meanwhile, Sports Illustrated's Peter King believes the Miami Dolphins will be willing to offer Manning more guaranteed money than the Washington Redskins would. That might be the determining factor in where he ends up going.

Right now, from everything I've read and what I'm hearing, I believe the Dolphins are the most likely destination for Manning.