Peyton Manning and Colts owner Jim Irsay have kept the line of communications open, according to ESPN.
"We've talked a lot this month, probably more than most Februarys, and it's probably not what most people think we talk about," the Colts' Irsay told an ABC affiliate Thursday. "Very recently, we got into a debate about will Tiger Woods win more majors than Jack Nicklaus or not."
"Peyton and I have talked and said that certainly by that date or sooner, we'd like to just come to something that makes sense for both of us," Irsay said "It's a difficult thing, because sometimes circumstances are thrown at you. You take your hands out of the deck that you're dealt and you deal with them."
There has been great speculation as to whether Irsay will choose to release Peyton Manning before he earns his $28 million roster bonus in March. The former MVP missed the entire 2011 season, and with the No.1 overall pick in this year’s NFL draft, the Colts are expected to take quarterback Andrew Luck as part of their across the board reconstruction.