Dungy to announce decision about future on Monday

Indianapolis Colts owner Jim Irsay went to bed Sunday night believing coach Tony Dungy "was leaning" toward coming back for the 2008 season, but he won't know for sure until a 4:30 p.m. ET news conference on Monday.

The Colts say that Irsay, team president Bill Polian, Dungy and assistant head coach Jim Caldwell will be at the news conference.

"I'm hopeful, I think he's leaning our way, but he hasn't committed to anything," said Irsay, who spoke with his coach on Sunday.

Irsay confirmed that he has signed Caldwell to a new contract with a firm commitment that Caldwell will succeed Dungy if and when Dungy retires.

"Two things that are clear right now: One, if Tony comes back, he will come back full time and, two, Jim Caldwell will be the coach if Tony steps down," said Irsay. "I'm optimistic but I really don't know that Tony will [return]. I can see him coming back for one, maybe two years, but he has to find peace with that."

Irsay has offered Dungy considerable flexibility about his future but the coach has dismissed a plan to take significant time in the offseason to spend with his family, which has recently moved back to Tampa.

Dungy has spent the past five days in Tampa, discussing his future with his wife Lauren. He is scheduled to return to Indianapolis on Monday.

Chris Mortensen covers the NFL for ESPN.