Peyton Manning has decided to retire and an announcement is expected within a couple days, according to a person familiar with his deliberations.

ESPN, which first reported the decision, said the announcement is to come tomorrow. Manning has informed the Denver Broncos of his decision, according to the person with knowledge of the situation.

Manning steps away from the sport just shy of his 40th birthday as one of the greatest quarterbacks in history. He is coming off a second career Super Bowl triumph when Denver’s defence led the Broncos to a victory over the Carolina Panthers last month.

Manning’s $19 million salary for the 2016 season would have become guaranteed for the 2016 season this week.

Manning finishes his career having thrown for 71,940 yards and 539 touchdowns. He is the only five-time MVP in league history and is a certain Hall of Famer.

However, he had just nine touchdown passes and 17 interceptions in a career-worst 2015 season for the Broncos, and was replaced temporarily as Denver’s starter by Brock Osweiler as he worked his way back from a foot injury. But Gary Kubiak, the Denver coach, went back to Manning during the regular season finale and he was the Broncos’ starter during the postseason.

“It’s been a unique season,” Manning said on the night of the Super Bowl win. “You’re probably tired of hearing me say this but I really have just tried to take it one week at a time and not get too far ahead. I certainly knew this defense and this team would have a chance.

“From the get-go, they’ve been nothing but awesome. Being hurt and struggling early in the season wasn’t a lot of fun. I was grateful to get back healthy and try to play my part these past couple weeks.”

Manning said that night that he’d spoken to his former coach with the Indianapolis Colts, Tony Dungy, who’d advised him against making a too-quick decision about retirement.

“I communicated with him last night when he got in the Hall of Fame,” Manning said then. “That was very special. But I talked to him last week. He called me and said, ‘I need to talk to you.’ He got some good advice from Dick Vermeil and I think maybe Bill Cowher as well about not making an emotional decision one way or the other. And so I thought that was good advice. It’s been an emotional week, an emotional night. And the night’s just beginning. I look forward to celebrating with my friends and family. I think I’ll take some time after that. I’m going to kind of enjoy the night and take it one step at a time.”

Manning’s past has come under renewed scrutiny in recent weeks with media reports re-examining an incident while he was in college at Tennessee. Manning was accused of placing his genitals in the face of a female university employee who later filed a defamation lawsuit over the characterization of her and the incident in a book written by Manning and his family. The incident has also been described as Manning attempting to moon a teammate.

A report by Al-Jazeera during this past NFL season linked him to human growth hormone being sent to his wife. Manning disputed the report, but launched his own investigation into the claim.

He long has been one of the sport’s most popular and productive players throughout his lengthy tenure with the Colts and a late-career renaissance with the Broncos. He retires as the league’s career leader in passing yards and touchdowns.

His place in history, already secure, was further enhanced by his second Super Bowl win.