Indianapolis Colts owner Jim Irsay has said that he expects Peyton Manning to return to Lucas Oil Stadium next year, as long as the four-time MVP can fully recover from neck surgery.

The Colts, who could have secured the first overall pick in the 2012 NFL draft with a loss to the Houstan Texans last night, have been linked with Stanford signal-caller and consensus number one pick Andrew Luck throughout the season.

However, while it is believed that the club will not both keep Manning, 35, and draft Luck, the Colts chief insists that Indianapolis would not hesitate to select a QB.

"I paid [Manning] $26m this year, and he didn't play. I knew it was an iffy situation going in, in terms of if he's healthy and if he's ready to play," Irsay told the NFL Network.

"If the situation is where he's back and healthy, I see him come back and playing here.

"The draft will be what the draft is. There's a lot of situations that can unfold from here. If there's a great, young quarterback there, we wouldn't hesitate to take him."

Manning, who has missed the entire season, had made 227 consecutive starts for the Colts since being drafted in 1998.