Quarterback Peyton Manning and the Denver Broncos have completed a five-year contract worth approximately $96 million, a person with knowledge of the negotiations said Tuesday.

The Broncos were making plans to formally introduce Manning at a news conference Tuesday afternoon.

The deal was struck a day after Manning informed the Broncos and other interested teams Monday that he planned to play in Denver. Agent Tom Condon worked with Broncos officials to complete the contract, but the financial terms already were basically in place. The completion of the deal was first reported by ESPN.

The Tennessee Titans and San Francisco 49ers also were finalists in the pursuit of Manning, who became a free agent when he was released by the Indianapolis Colts earlier this month. The four-time league most valuable player missed all of last season after undergoing a series of neck surgeries. The Colts avoided paying him a $28 million roster bonus by releasing him.

Another person familiar with the deal said the structure of the contract protects the Broncos if Manning’s neck injury continues to be a problem.

Colts owner Jim Irsay said in a written statement issued Tuesday: “I congratulate Peyton as he heads to a tremendous organization in the Denver Broncos. We wish him nothing but the best as he continues his Hall of Fame career.”

The deal with Manning has the Broncos apparently seeking to trade quarterback Tim Tebow.

More on the Peyton Manning signing:

What’s next for Tebow?

Hard Hits: Why doesn’t Tebow get another chance?

Brandon Stokley says Manning is throwing well