Ian Rapoport of the NFL Network reported the update and noted the new deal will make Moore "the highest-paid slot CB in the NFL on new money."
The New England Patriots signed the 23-year-old Valdosta State product as an undrafted free agent in May 2017. The Colts claimed him off waivers in September of that year, and he's since developed into a key defensive cog.
Moore tallied 77 total tackles, 11 passes defended, three interceptions, 1.5 sacks and a forced fumble across 15 appearances in 2018. Pro Football Focus graded him as the league's 48th-best corner.
The Georgia native said he's focused on "keeping the same drive" despite his breakout campaign and explained he'd like to take on a larger leadership role for the Colts defense this season.
"Just to become more of a leader and clear up the little things. I just want to do the ordinary things better than anybody else," Moore told reporters in April. "Just clean up the little things and become a leader in the room."
Indianapolis' pass defense, which was a long-term weakness, improved from 28th in passing yards allowed per game in 2017 to 16th last year.
The Colts return outside starters Pierre Desir and Quincy Wilson along with Moore in the slot, and the front office selected Rock Ya-Sin out of Temple in the second round of the 2019 NFL draft.
Moore may eventually shift outside, especially if his improvement from last year continues this fall. But for now he's emerged as one of the league's most reliable slot corners, and the lucrative extension shows how much Indy values his contributions.