Colvin, 26, has 167 tackles, 5 sacks, 14 pass breakups and 2 fumble recoveries in 48 games (25 starts) with the Jaguars.
He did not intercept a single pass during the regular season, though he did pick off Pittsburgh's Ben Roethlisberger in an AFC Divisional playoff game in January.
The Jaguars signed A.J. Bouye, a former member of the Texans, to start opposite Jalen Ramsey, so Colvin was exclusively the Jaguars' nickel back in 2017, but he has started on the outside as well during his four seasons with the team.
The Jaguars drafted the 6-foot, 193-pound Colvin in the fourth round in 2014 even though he was recovering from a torn ACL suffered during senior bowl practices. He missed the first 10 games of the 2014 season and broke up two passes and returned a fumble for a touchdown in the final six games.
Colvin started 15 games on the outside in 2015 and had career highs in tackles (73), sacks (4) and pass breakups (7). He missed the first four games of the 2016 season because he was suspended for violating the NFL's policy on performance-enhancing substances and the final two with an ankle injury.
Colvin played in every game in 2017 and had 45 tackles and five pass breakups.
ESPN's Michael DiRocco contributed to this report.