The Colts hosted Hunt on Wednesday as the sides had mutual interest given the Colts' significant lack of depth at running back. But, according to the source, the parties were unable to reach an accord and no deal was struck.
The news comes one day after Hunt left a visit with the New Orleans Saints without an agreement, with a source telling ESPN's Dianna Russini that Indianapolis offered more money.
Hunt is coming off four seasons with the Cleveland Browns and a 468-yard rushing effort in 2022. The 28-year old was a third-round pick of the Kansas City Chiefs in 2017, earning a spot in the Pro Bowl as a rookie.
For the Colts, their unsettled situation at running back continues. The team talked with multiple running backs on Wednesday and announced the signing of former Detroit Lions fifth-round pick Jason Huntley.
All-Pro running back Jonathan Taylor is still on the physically unable to perform list, undergoing rehab on a lingering ankle injury out of state and remaining at odds with the club over his contract.
The absence of Taylor has been compounded by the broken arm sustained by backup Zack Moss last week. That injury is expected to sideline him four to six weeks. Another backup, Deon Jackson, did not practice Tuesday because of an undisclosed injury.