Colston, 31, has spent his entire nine-year career in New Orleans. The Saints drafted him in the seventh round of the 2006 draft out of Hofstra, four spots before the draft's final selection. Colston's franchise records include receptions (666), receiving yards (9,239) and touchdowns (68).
Colston also led the Saints with 83 receiving yards on seven catches in their 2010 Super Bowl victory over the Colts.
Last season, Colston caught 59 passes for five touchdowns. He was set for cap hits of $9.7 million cap in 2015 and $10.5 million in 2016. Details on his contract restructuring are not yet known.