UPDATE (10:06 p.m. ET): Quarterback Matt Hasselbeck and the Indianapolis Colts have agreed to a deal just hours after the Tennessee Titans released him earlier on Monday, ESPN.com's Adam Schefter reported
USA Today's Mike Garafolo reported earlier that Hasselbeck and the Colts had entered into contract discussions.
Hasselbeck will sign on to become Andrew Luck's backup in Indianapolis. The Colts recently lost backup quarterback Drew Stanton to the Arizona Cardinals.
The 37-year-old Hasselbeck has moved past the desire to earn a starting job in a play for a "good shot" at a first Super Bowl ring.
Hasselbeck spent the last two seasons with the Titans before they released him on Monday. Hasselbeck was set to make $5.5 million next season.
Previously, he played for 10 seasons with the Seattle Seahawks, where he guided them to a Super Bowl XL appearance. Seattle lost 21-10 to the Pittsburgh Steelers. Hasselbeck is a three-time Pro Bowl selection and has thrown for 34,517 yards with 201 touchdowns and 147 interceptions in his 14 NFL seasons. In eight games with the Titans last season, he threw for 1,367 yards with seven touchdowns and five interceptions.