According to espn.com, Freeney will sign a contract with the team and then immediately retire.
The Colts announced on Thursday that Freeney will formally announce his retirement as a member of the Colts at a press conference next Monday.
The Colts made the announcement today.
He spent his first 11 seasons with the Colts before spending time with the San Diego Chargers, Arizona Cardinals, Atlanta Falcons, Seattle Seahawks and Detroit Lions.
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Freeney was a 7-time Pro Bowler and a three-time first-team All-Pro.
Thanks for the memories, @dwightfreeney! His sack total ties for 17th in National Football League history - not bad for a 6-foot defensive end whose height was questioned coming out of high school in CT and again during draft time.
Freeney was the 11th overall pick of the 2002 draft and played with the Colts for the next 11 seasons.
Freeney, 38, was born in Hartford and an All-State player at Bloomfield High before going onto Syracuse. He's second in franchise history with 107.5 career sacks.