The Indianapolis Colts have reached an agreement with Darrius Heyward-Bey on a one-year deal with a $1.5 million signing bonus, according to a league source.

"We feel great about acquiring a talented player in Darrius Heyward-Bey," general manager Ryan Grigson said in a statement.

"He's big, strong and shows toughness in traffic and after the catch. He's got elite finishing speed that's as good as there is in the NFL. With this staff, this team and overall culture we're building here in Indy, we felt strongly that he was the right player and person at the wide receiver position for us moving forward."

Heyward-Bey was released by the Oakland Raiders earlier this offseason.