"We've talked more in recent weeks than we have in most Februarys," Irsay said Thursday night, via WRTV-TV. "Peyton and I have talked and said that we'd like to just come to something that makes sense for both of us."
The four-time MVP, who missed the entire 2011 season while he recovered from surgery on his neck, is due to receive a $28 million bonus on March 8. Many expect the Colts to select Stanford quarterback Andrew Luck with the No. 1 pick in this April's draft, leading most fans to speculate that Manning's days with the franchise are nearing an end.
" ... I think we both understand each other's issues. (We're) not delaying it for any intentional reason. It's not only a big decision, but it's a complicated and tough decision."
Irsay downplayed the suggestion that his relationship with Manning has deteriorated amid all the recent back-and-forth in the media.
"If I call him a politician, he asks for one stroke back on the golf course. But now he's given me one because I thought he was acting like a jerk before," Irsay said.
"(Peyton) and I will continue to always be great friends, and I hope it's with him still being in a Colt uniform," Irsay added. "But we'll see."