Tom Condon, the agent for the Indianapolis Colts quarterback, told the team that he and his client will wait until the end of the season to negotiate a new deal.
Manning is in the final year of a seven-year, $99.2 million contract.
The decision removes one more distraction for Manning in what is fast becoming a challenging season. Manning's offensive weapons are quickly dropping with injuries.
The most recent hit came Friday, when the Colts announced that tight end Dallas Clark would miss the remainder of the season because of wrist surgery.
Austin Collie, the Colts' leading receiver through six weeks, also is due to miss at least two weeks following thumb surgery, and wide receiver Anthony Gonzalez continues to make his way back from a high ankle sprain.
Last month, the Patriots gave Brady a four-year, $72 million extension with $48.5 million guaranteed, making him the NFL's highest-paid player.
The Associated Press contributed to this report.