The Denver Broncos have confirmed that star quarterback Peyton Manning will remain with the franchise for an 18th NFL season.

There was significant doubt over whether Manning - a one-time Super Bowl MVP with the Indianapolis Colts - would remain in Denver, and while his stay was confirmed, reports have indicated he will be taking a paycut.

Set to turn 39 in March, is is said Manning will earn $15million - a drop of $4m - next season, after the 2014 campaign saw him rack up a flurry of records.

Manning (530) topped Brett Favre (508) for the most passing touchdowns in the NFL, joined Favre as the only other playmaker to have beaten all 32 franchises, and was level with Tony Gonzalez, Bruce Matthews and Merlin Olsen with the most Pro Bowl selections (14).

"I've been working real hard and I'm excited to be back with the Denver Broncos," Manning told the Denver Post. 

"Can't wait for April 13 to get here when the team can finally come together. 

"I'm excited to get to work and get to know the new coaches and looking forward to trying to make 2015 a special year."

John Elway, the Broncos' executive vice president of football operations, said he was relieved Manning was staying on for his fourth season in Denver.

Manning has led the Broncos to the play-offs in each of his three seasons at the franchise so far.

"Glad that we could move on and that Peyton's going to be a part of this team and hopefully win a championship next year," Elway said.

"We've got to put the best football team together we possibly can, so we're glad that Peyton's going to be a part of that."