Source: Broncos prepping to part ways with Peyton Manning

It's not a matter of if but when Peyton Manning is no longer a member of the Denver Broncos.

SP07PANTHERSBRONCOS4AO_9224x

Peyton Manning after the Denver Broncos' Super Bowl win.

AAron Ontiveroz

It's not a matter of if but when Peyton Manning is no longer a member of the Denver Broncos.

A source tells FOXSports.com that the Broncos are proceeding with contract negotiations with other players without counting Manning and his $19 million salary on their books for salary cap purposes. 

Denver's decision isn't a shock as the Broncos are focused on re-signing Brock Osweiler as Manning's replacement. While he hasn't announced whether he will play for the 2016 season, the 39-year-old Manning may very well choose to retire after Denver's victory in Super Bowl 50.

Broncos executive John Elway told media last Thursday that Manning needed more time before deciding whether he wants to keep playing. If he does, it will be with another team.

Earlier on Saturday, the Denver Post's Woody Paige cited two sources reporting Manning was going to announce his retirement by the end of next week. 

According to Paige, the plan to finalize the decision was put in motion when Manning met with Elway at the GM's home this past week.

A Broncos PR rep, though, has denied that Manning has made any formal decision:

Download the new FOX Sports App to get the latest news and scores from your NFL team.