No, there aren't any reports that have quoted someone with knowledge of the situation as saying that the Titans will not try to bring Manning in, but when you consider a number of factors, it's pretty much a no brainer.
1. Tennessee already has a viable veteran option under contract. Matt Hasselbeck was brought in for basically two reasons. First, the front office thought he could win some games, and he did. 2011's nine-win campaign was a pleasant surprise in a season that many, including myself, had written off as a lost year. Second, and probably most importantly, the front office also thought that he would be an ideal guy to learn from for their shiniest new investment, Jake Locker. I really don't know how much of Locker's astounding growth can be attributed to Hasselbeck, but at this point in his career, even the slightest edge could mean the difference between rousing success and total disaster.
Another important and somewhat unique aspect of Hasselbeck's tenure here is that he expressed not just a begrudging affirmative that he would step down when the time came for Locker to take over, he actually seemed very willing, and in a weird sort of way, excited to do so. It seems as though Hasselbeck recognizes that his best days as a player may be behind him, but that he has a lot to offer as a player/coach. In short, he relishes the mentor role. I think another interesting part of this is that while Hasselbeck and Locker are two completely different players in terms of skill sets, that may end up being more beneficial for the young field general. Ideally, Hasselbeck will help him learn different skills to make Locker a more well-rounded player.
2. We don't even really know if he's going to play or not. Of course, this should change pretty quickly, I don't expect the Titans to sign a guy they know won't play again. But all of this talk about whether or not he'll even be physically cleared should raise a ton of red flags. He was seriously hurt and is at a large risk of staying that way. As he gets older, that's only going to become more apparent.
3. There are approximately 20 players who need new contracts, some of those, like Cortland Finnegan, are very important to the teams' success going forward. This is finally a year that the team has a chance to keep a good part of its' core together and has the rare luxury of being able to pursue a couple of really good free agents. While I think that extending Finnegan should be priority number one this year, that doesn't seem to be a view that the front office shares, so I now advocate looking at the list of free agents and finding long-term solutions. As a team on the rise, it would be extremely counterproductive to sign a player who is both costly and old. Manning will not be the quarterback of the next Titans' Super Bowl winning team, it doesn't make sense to throw buckets of money at him. Instead, throw Bud's money at Robert Meachem, Carl Nicks, or Mario Williams, go nuts and sign a difference maker at a premium position.
4. Jake Locker's time is now. With strong indications coming from up top that Locker will be given the shot during an open camp competition, it's becoming more and more clear that it's almost time to set phase two into gear. It's clear to me that he was the most talented quarterback on the roster, but give the Titans credit for not throwing him out there too soon to be mauled without his best weapons a la Blaine Gabbert.
There are plenty of reasons to not bring Peyton Manning to play here without having to resort to simply "He played for my least favorite team!" Manning was a great player, maybe he even still is, but with his healthy in doubt and skills likely beginning to deteriorate, he doesn't play a part in building a team focused on the future.