According to ESPN's Adam Schefter, the deal is for one year and could be worth up to $3 million. Ian Rapoport of the NFL Network reports Heyward-Bey will receive a $1.5 million signing bonus and will earn $2.5 million next season, not including incentives.
Heyward-Bey, who was originally selected with the No. 7 pick in the 2009 NFL Draft, was released by Oakland earlier this offseason. Known as one of the faster wide receivers in the NFL, Heyward-Bey caught 140 passes for 2,071 yards in four seasons in Oakland. His best season came in 2011 when he caught 64 passes for 975 yards and four touchdowns.
The 26-year-old Heyward-Bey visited Detroit in addition to Indianapolis. With the Colts, Heyward-Bey could take over the role Donnie Avery filled last season, as Avery caught 60 passes for 781 yards before departing to Kansas City in free agency. Heyward-Bey has a career average of 14.8 yards per reception, which ranks him in the top 25 among active players.