INDIANAPOLIS - The Colts are parting ways with Marvin Harrison.
Harrison's agent, Tom Condon, told The Associated Press on Monday that Indianapolis has agreed to release the franchise's all-time leading receiver. An official announcement is expected Tuesday or Wednesday.
The decision comes one day after team president Bill Polian said he hoped to work out a deal that would keep Harrison in Indy, but when Harrison refused to accept a pay cut, he asked for and was granted his release.
"Basically, we were not able to come to any kind of agreement, it was not contentious and the Colts have agreed to release him," Condon said in a phone interview.
The Colts declined comment and a message was left by The Associated Press at the office of team owner Jim Irsay.
It was not a surprise given that Harrison's salary cap charge this season would have been $13.4 million, the highest of any receiver in the league.
But the move will rankle Colts fans, who embraced Harrison as a fan favorite and was one of the identifiable players in the Colts' Indianapolis era.
The 36-year-old Harrison was coming off one of the least productive seasons of his career and the Colts, who are struggling to stay under the expected $123 million cap, could not afford him any more.
The Colts will save $6 million by releasing Harrison.
Harrison ranks second in league history with 1,102 receptions and was one of the cornerstones in the Colts success over the past decade.
Harrison caught 112 of his 128 career touchdowns from Peyton Manning, making them the top receiver-quarterback tandem in league history. Harrison has played his whole career with the Colts, but has increasingly become the team's second receiver behind Reggie Wayne.
Harrison has 1,102 career receptions, trailing only Jerry Rice.