The Indianapolis Colts and Daniel Jones are reportedly trending toward a deal.

According to NFL Network's Ian Rapoport and Tom Pelissero, “significant progress” has been made in coming to an agreement on a two-year contract. Rapoport said that “there is optimism that a deal could be done today.”

Jones had previously been reported to have agreed to a deal by NFL insider Jordan Schultz, although he quickly walked back his report, saying that while the sides had “made progress on a long-term deal,” they had not “finalized” anything.

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On March 3, the Colts officially placed the transition tag on Jones, which gives the team the ability to match any offer Jones would receive from another team. According to reports, the tag came on the heels of Jones, who is recovering from a torn Achilles tendon he suffered in December, asking for a deal that would pay him $50 million per year. The Colts' initial offer, per NFL insider Albert Breer, was closer to $30 million a year. Notably, the rarely used transition tag is worth $37.833 million.

Jones, 28, played most of his first five seasons in the NFL with the New York Giants, who drafted him sixth overall in 2019. After being released by New York during the 2024 season, he joined the Minnesota Vikings, although he did not end up playing at all during that time.

Before the 2025 season, Jones signed a one-year, $14 million deal with the Colts and promptly beat out former first-round pick Anthony Richardson for the team's starting job. He then led the Colts to an 8-2 start and what seemed to be a surefire playoff appearance. However, Indianapolis, which lost back-to-back games after its bye, also lost Jones in Week 14, when he suffered a season-ending Achilles injury against the Jacksonville Jaguars. The Colts finished the season 8-9 and on a seven-game losing streak.