While this seems like an interesting idea given that Manning spent several years with Freeney in Indianapolis, it’s unlikely that they would pursue him as a 3-4 outside linebacker. The Colts asked Freeney to play that position in their defense last year and the results weren’t on par with his previous production as a 4-3 defensive end.
There’s already been a speculation regarding where Freeney could end up in the next few months. The Seahawks, Cowboys and Falcons have all been tossed out as potential landing spots, but I would also add the Dolphins to that list as well.
Freeney also mentioned that playing for the Giants would be a “dream,” per Adam Schein.
Freeney, 33, will almost certainly have to accept an incentive based deal, but there should be a number of teams keeping an eye on him throughout free agency.