The Colts plan to honor Manning for his 14 seasons with the organization when the Colts and Broncos play in Week 7, owner Jim Irsay told USA Today Sports.
"We're going to have a great tribute to him," Irsay told the newspaper. "It's going to be something where you go into it wanting to have a lot of fun, where you love Peyton as a Colt fan, but now we're competing against him."
Details of the tribute, which will include a lot of cheers -- and possibly tears -- from the crowd, at what will be a sold-out stadium, have yet to be finalized.
"It'll be tremendous," Irsay told the newspaper. "They will cheer, as deserved. When he comes back on the field, I think there will be a boisterous standing ovation, as there should be. He means so much to our franchise.
"It's going to be crazy, but mostly it'll be fun. I hope it's just a great game."
Manning led the Colts to two Super Bowls, winning one of them, before the team released him in 2012 after he missed the 2011 season with a neck injury.
Now in his second season with Denver, he has passed for 1,884 yards and 20 touchdowns and completed 75.8 percent of his attempts for the Broncos (5-0).
Meanwhile, Andrew Luck -- the quarterback who replaced Manning in Indianapolis -- continues to prove the Colts were right in making him the top pick in the 2012 draft. He has passed for 1,144 yards and seven touchdowns and has completed 62.2 percent of his attempts this season, helping lead the Colts to a 4-1 start.