Quarterback Peyton Manning is officially returning to play for the Denver Broncos after passing his physical Thursday and signing a restructured contract for the 2015 season.

“We’re glad to work something out with Peyton so that he will be part of our team this season,” executive vice president of football operations and general manager John Elway said.

Manning on Wednesday agreed to accept a salary reduction from $19 million to $15 million for next season — his 18th in the NFL.

“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.”

With his new deal, Manning will have the opportunity to make up the difference with incentive clauses tied to team performance, according to ESPN.com. If the Broncos advance to the Super Bowl, he will earn $2 million and can earn an additional $2 million if they take home the Lombardi trophy.

Manning, who will turn 39 on March 24, had been signed through 2016, with scheduled salaries of $19 million in each season. His salary cap hit was scheduled to be $21.5 million.

Manning, a five-time MVP, thought about retirement after the Broncos’ playoff loss to the Indianapolis Colts.

On Feb. 12, Manning flew back to Denver and met with Elway and several other team officials, telling them that he is in good health and will be ready to play for new head coach Gary Kubiak.

Manning underwent his own medical exam administered by elite trainer Mackie Shilstone in New Orleans and was given good marks in workouts and tests. The quad injury that bothered Manning during the latter stages of the 2014 season has healed.

Manning is coming off his second-best season in terms of passing yards (4,727) and third-best in passing touchdowns (39) in his career. He also had 15 interceptions in 2014. In his three seasons with the Broncos, Manning has totaled 132 touchdowns (131 passing, one rushing) and 14,863 passing yards and an average passer rating of 107.8.

Denver has gone 38-10 with Manning under center. He has helped the Broncos win three consecutive AFC West titles and one AFC Championship.