Wayne is an unrestricted free agent and has spent each of his 14 seasons with the team after he was selected by the Colts in the first round of the 2001 NFL draft.
Wayne, 36, is the NFL's active leader in receptions (1,070), receiving yards (14,345) and is third in touchdown receptions (82) behind San Diego Chargers tight end Antonio Gates and Arizona Cardinals wideout Larry Fitzgerald. Wayne ranks seventh in league history in career receptions and eighth in receiving yards.
He had 64 catches for 779 yards and two touchdowns for Indianapolis last season.
"Reggie is one of the greatest men to ever wear the horseshoe, and we have been blessed to watch him play for the past 14 years. When he first took the field with us in 2001, we knew this day would eventually arrive," Colts owner Jim Irsay said. "We feel this decision is in the best interests of the team and for Reggie as it will allow him to seek a better opportunity for playing time elsewhere if he so chooses."
In January, Wayne said he was undecided about playing next season.
"I do have family [to call]," Wayne told the Indianapolis Star. "I’ll call them, sit down with them and we'll talk. A lot of times, I make calls to them just to make sure I stay up on the road."
- Scooby Axson