After Sunday's season-ending loss to the Indianapolis Colts, the 38-year-old Manning said he needed time to think about whether he would return next season. He reportedly played the past month with a torn right quad and threw for just 211 yards and one touchdown in the playoff loss.
Elway, who retired after winning the Super Bowl as a 38-year-old in 1998, said he thinks Manning could play another season, but that he trusts Manning will make the right decision.
"With Peyton, he'll be the one that knows whether it's the right time or not" -- Elway, on Manning's retirement decision.— Around The NFL (@AroundTheNFL) January 13, 2015
In his third season with the Broncos, Manning completed 66.2 percent of his passes for 4,727 yards, 39 touchdowns and 15 interceptions. He broke Brett Favre's record for career touchdown passes this season and has thrown 530 touchdowns in his 17-year career. He has two years and $38 million remaining on his contract.
Tony Dungy, who coached Manning with the Colts earlier in his career, said he believes Manning will return next season.
The Broncos and head coach John Fox mutually agreed to part ways on Monday. Fox led the team to a Super Bowl appearance last season and compiled a 46-18 record in four seasons with the team. Elway said Manning will be involved in the team's search for a new coach.
- Paul Palladino