"We feel great about acquiring a talented player in Darrius Heyward-Bey," general manager Ryan Grigson said in a statement.
"He's big, strong and shows toughness in traffic and after the catch. He's got elite finishing speed that's as good as there is in the NFL. With this staff, this team and overall culture we're building here in Indy, we felt strongly that he was the right player and person at the wide receiver position for us moving forward."
In 2012, Heyward-Bey started 14 games and had 41 receptions for 606 yards and a career-high five touchdowns.
Heyward-Bey has 140 receptions for 2,071 yards and 11 touchdowns since being selected by the Oakland Raiders with the seventh overall pick in the 2009 draft.