Irsay said Thursday the Colts are looking at Stanford's Andrew Luck or Baylor's Robert Griffin III, The Indianapolis Star reported Friday.
"With Griffin and Luck and the way it's shaping up at the top of the draft -- could very likely go one and two like with Peyton and Ryan Leaf," Irsay said. "It's most likely one of those quarterbacks that you really feel is the best player in the draft, and where we're at moving forward you can't pass that up. I don't think anyone would expect that."
Manning, the longtime Colts star and four-time MVP in the NFL, and Leaf were the first two picks of the 1998 draft. Leaf went to the San Diego Chargers.
Manning missed the entire 2011 season because of neck surgery he underwent Sept. 8 and is rehabilitating.