Cole, 32, signed a two-year deal worth $16 million with $8 million guaranteed, reports Fox Sports' Mike Garafolo.
[daily_cut.nfl]The Eagles released Cole last week, reportedly after the two sides could not agree to terms on a new contract. Head coach Chip Kelly said in a release the Eagles "expressed a desire" to re-sign Cole.
Cole spent 10 seasons in Philadelphia after being selected in the fifth round of the 2005 draft. In 155 total games, he has recorded 85.5 sacks and 569 tackles. Cole made two Pro Bowls in 2007 and 2009.
Colts general manager Ryan Grigson was part of the Eagles' front office when Cole was drafted.
Last season, Cole registered 6.5 sacks and 52 tackles over 15 starts. He missed one game because of a broken hand.
Cole has recorded at least one quarterback pressure in 90 of his last 92 games, according to ProFootballFocus.com.
- Mike Fiammetta