Appearing on the Rich Eisen Show (h/t Rotoworld), The Ringer's Mike Lombardi said Dorsett is on the block and teams "can have him if [they] want him."
He made just 18 catches as a rookie but improved last season to the tune of 33 receptions for 528 yards and two touchdowns.
Dorsett is currently the No. 3 receiver on Indy's depth chart behind T.Y. Hilton and Donte Moncrief, but Kamar Aiken is pushing for a role out of the slot.
Per Spotrac, Dorsett has two years remaining on his contract, and the Colts have a fifth-year option for the 2019 season. He'll have a reasonable cap hit just north of $2 million in each of the next two campaigns.
The 24-year-old hasn't lived up to expectations yet, but if the asking price is low, he could be a significant steal for a team in need of a speedy, field-stretcher at wideout.