The Colts are racing the clock to finalize a deal with Peyton Manning before a potential work stoppage, according to a report from ESPN.com.

The team presented Manning’s agent, Tom Condon, with an offer to make the quarterback the highest paid player in NFL history, the website said, citing team and league sources.

The Colts’ offer tops the four-year, $72 million contract that included $48.5 million in guaranteed money that Tom Brady signed with the New England Patriots in Septembr, the report said.

A deal between Manning and the Colts will need to be reached before the current collective bargaining agreement between the players union and the NFL expires after 11:59 a.m. March 3. Players are not allowed to sign a contract without a new collective bargaining agreement in place.

The Colts are willing to use their franchise tag on Manning, which would pay the quarterback 110 percent of last season’s salary and projects to be just more than $23 million for 2011, according to the report.

During the meeting with Condon, Colts president Bill Polian presented a plan that would allow the team to have more money to be able to sign free agents, according to ESPN. Indianapolis has signed only four free agents since Manning agreed to a seven-year, $98 million contract in 2004. Before the 2004 deal, the Colts did use their franchise tag on Manning.

Manning threw for 4,700 yards with 33 touchdowns and 17 interceptions while leading the Colts to their ninth consecutive playoff appearance. The Colts (10-7) lost 17-16 in the first round to the New York Jets on Jan. 8 at home.

Manning has thrown for 54,828 yards with 399 touchdowns and 198 interceptions in his career.