The deal comes after the Ravens voided Grant's contract after his failed physical last week.
The Colts will sign former Redskins wide receiver Ryan Grant to a one-year, $5 million deal, NFL Network reports.
The deal comes after Grant agreed to a four year, $29 million contract last week with the Baltimore Ravens, only for them to void the deal last Thursday after he failed his physical.
Grant suffered an ankle injury late last season but did not miss a game. Grant did not miss any games during his four-year tenure with Washington.
Grant had his best season last year, catching 45 passes for 573 yards and four touchdowns.
The Colts added Grant after losing wide receiver Donte Moncrief to the Jaguars in free agency last week.