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Jones is slated to sign with the Colts as both sides work to finalize a one-year contract, Ian Rapoport of NFL Network reports.

Jones' contract will be a one-year, $14 million deal once finalized, Adam Schefter of ESPN reports. The former Giants quarterback reportedly had an avenue to return to Minnesota, where he could have served as a veteran mentor to J.J. McCarthy (knee), but landing in Indianapolis will instead provide Jones with an opportunity to compete for the starting job against Anthony Richardson (back). General manager Chris Ballard had referred to an upcoming "open competition" between Richardson and a signal-caller to be determined, a role that will now be filled by Jones.

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