Broncos announced last week that Manning would be ruled out for the foreseeable future with a foot injury picked up in the defeat to Kansas City Chiefs, with Brock Osweiler promoted to starter in his absence.
However, they have now added to their ranks by bringing in Ponder, who only signed with the Raiders in March after falling out of favour at the Minnesota Vikings.
Sportsnet quotes Ponder as saying: "It has been an interesting year. A lot of quarterbacks have gone down and a lot of backups have had to step up. It was just an opportunity. A door opened for me and I am glad that it did.
"I grew up a Broncos fan, a John Elway fan. I am excited to be here."
Ponder started 36 games with the Vikings across four seasons, but failed to live up to expectations, throwing 38 touchdown passes and 36 interceptions while completing under 60% of his passes.