Peyton Manning Says Tom Brady Will Address Retirement 'on His Own Terms, as He Should'

Peyton Manning is waiting to hear from Tom Brady on his next move.

On Monday, Manning appeared on The Tonight Show Starring Jimmy Fallon and weighed in on reports that Brady, 44, is allegedly retiring after 22 seasons in the NFL. On Saturday, The Boston Globe and ESPN cited sources who said that the star Tampa Bay Buccaneers quarterback would soon hang up his helmet for good.

When asked by host Jimmy Fallon, "Is he retiring? Is he not?," Manning replied, "Yeah, I'm not sure if I have the answer. But I think if Tom is going to retire, I feel like he'll announce it himself."

Manning, who announced his own retirement in 2016, told Fallon, 47, "That's kind of the process that I went through when I retired. Jimmy, in 2011, when I got injured with the Colts, there were a lot of rumors whether I was going to come back for play or not."

He recalled, "Rob Lowe tweeted out that he knew firsthand that I was about to retire. And I had to call a press conference to actually say, you know, I always thought I would announce my retirement, not the guy that played Sodapop Curtis in The Outsiders!"

Amid the media attention, Manning said he and Brady have now been through similar situations.

"I feel like Tom is in that same boat a little bit, like I think he'll make the announcement at the appropriate time," he said. "It might be tomorrow, it might be in April — might not be 'til three years from now, he's playing so well."

Manning added, "So I don't imagine Tom is too happy with the news this weekend, but I think he will announce it whenever, at the appropriate time, on his own terms, as he should."

Brady addressed retirement rumors on Monday's episode of his Sirius XM podcast, Let's Go!. The seven-time Super Bowl champ told listeners, "It was a good week for me and I'm just still going through the process that I said I was going through."

He added, "Sometimes it takes some time to really evaluate how you feel and what you want to do and I think when the time is right I'll be ready to make a decision one way or another just like I said last week."

The former New England Patriots player said he plans to "evaluate things as they come" and will try to "make a great decision for me and my family." Still, he told listeners that the reports of his retirement distracted from last weekend's AFC and NFC championships.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

"There was some very important games going on on the weekend and I know how hard those players work on Sunday to prepare for that," Brady said. "I was trying to enjoy a nice weekend. It didn't quite turn that way because my phone got really busy. But, you know, that's just part of being in the situation I'm in."

While he declined to give a clear timeline for his retirement, he insisted, "I know when the time is right."