The Colts are working on a one-year contract with kicker Adam Vinatieri, and the deal could be done by Thursday, according to a source.
The news was first reported by WTHR.com.
The 45-year-old Vinatieri is only 58 points shy of passing Morten Andersen for the top spot on the NFL's all-time scoring list.
Vinatieri has scored at least 58 points in every season of his career, except for 2009, when he only played in nine games.
Vinatieri has made 111 of 123 of his field goal attempts over the past four seasons. Two of those misses came in blizzard-like conditions in Buffalo last season. He missed out on $500,000 in each of the past two seasons after failing to make 90 percent of his field goal attempts.
Vinatieri has spent his entire 22-year career playing with New England Patriots and the Colts.
ESPN's Mike Wells contributed to this report.