ESPN first reported that Keenum would sign with the Broncos.
In signing Keenum, the Broncos got their best possible option at quarterback.
Keenum went 11-3 with 3,547 yards passing, 22 touchdowns and seven interceptions and threw that last-second heave to Stephon Diggs to stun the New Orleans Saints 29-24 in the playoffs.
Manning had a spectacular closing chapter in Denver, leading the Broncos to the playoffs in all four of his seasons, reaching two Super Bowls and winning one. Keenum will have similar tools at his disposal in Denver that he had in Minnesota.
While not all are sold on the idea of Kirk Cousins being a franchise quarterback, most experts admit that he's a far better option behind center than a guy like Keenum.
Elway said in recent weeks he still believed the team could get back into the postseason mix with an upgrade behind center.
According to 9News Denver, Keenum's deal is expected to be a short-term agreement, suggesting it won't preclude the Broncos from taking a quarterback with the fifth overall pick in next month's draft if they so choose. Both men will be hoping last season wasn't an anomaly for Keenum.
With Keenum on board, the Broncos are expected to keep Paxton Lynch as their backup quarterback and possibly trade Trevor Siemian. The Broncos shouldn't give up on a first-round quarterback, especially when they still have him under a rookie contract.
But by signing Keenum, they save money against the salary cap that will allow them to make fixes to some other areas of need.