Indianapolis, while unable to officially sign Luck until the start of the new league calendar in March, has been in "ongoing" talks with the quarterback, according to an ESPN report.
The deal is expected to make Luck one of, if not the richest, players in the game, according to league sources.
Luck, in his third season, has led Indianapolis to the AFC Championship Game. He completed 380 passes for a third-best 4,761 yards and league leading 40 touchdowns this season.
The Colts fell to the Patriots in the title game, 45-7, Sunday night.
- Will Green