"When you look at everything Peyton has accomplished as a player and person, it's easy to see how fortunate we've been to have him on our team," Broncos executive vice-president of football operations and general manager John Elway told the team's website.

Manning spent his final four seasons in Denver but the prime of his career came in 14 years at Indianapolis where he led the Colts to two Super Bowls, winning the trophy in 2006.

New Orleans-born Manning was also a Super Bowl MVP, a 14-time Pro Bowl selection and a seven-time first-team All-Pro.

His teams made the play-offs in 15 of his 18 seasons, and he reached the 4,000-yard passing mark in 14 seasons.

Manning missed the 2011 season following neck operations before finding a new NFL home at Denver, sparking a run of success in which the Broncos posted a league-high 55 total wins and a .764 winning percentage.

The Broncos made their third consecutive play-off appearance under Manning in 2014 and that season he became the league's all-time leader in touchdown passes, passing Brett Favre with his 509th touchdown.

Manning tore tissue in his left foot in his final season, but he made a remarkable return in week 17 to revive the Broncos' struggling offence against the San Diego Chargers and ultimately lead Denver to Super Bowl glory.

"Peyton was everything that we thought he was and even more - not only for the football team but in the community," said Elway.

"I'm very thankful Peyton chose to play for the Denver Broncos, and I congratulate him on his Hall of Fame career."