Irsay took to Twitter on Saturday to refute a Sports Xchange report that negotiations between Luck and the Colts are being held up by the team's insistence to have control over the quarterback's potential endorsement deals.
"Someone is being fed a big breaky of BS this morning!" Irsay tweeted. "... the'One Source'is completely wrong/We're close on #12 n final details unrelated 2 marketing."
Irsay told reporters in late April he expected negotiations to proceed quickly and that Luck's deal would be almost identical to the four-year, $22 million contract last year's top pick, Cam Newton, signed with the Panthers.
Luck's agent, Will Wilson, has remained relatively quiet about negotiations and told The Associated Press in an email Tuesday he had "nothing to add."
After attending a three-day minicamp in early May, Luck returned to Stanford to continue his classwork until June 7. NFL rules require rookies to complete their classwork before attending anything other than the rookie minicamp, so Luck didn't get to work out with the Colts' veterans until last week.
The Colts open training camp on July 29, and Luck cannot participate unless he has signed a contract.
Information from The Associated Press was used in this report.