Philip Rivers Rumors: Colts Contract 'All but Done' for Ex-Chargers QB

Veteran quarterback Philip Rivers' signing with the Indianapolis Colts in free agency is "all but done," an anonymous team source told Bleacher Report's Matt Miller on Tuesday morning.

NFL Network's Ian Rapoport reported Monday that the Colts "have had discussions" with Rivers, who is seen as "a clear target for Indy."

The Athletic's Stephen Holder reiterated that earlier Tuesday morning:

Rivers has played his entire NFL career with the Chargers, who acquired him on draft day in 2004. The franchise selected Eli Manning at No. 1 overall before trading him for Rivers, drafted fourth overall by the New York Giants.

The Chargers announced in early February they had mutually agreed with Rivers to let the 38-year-old test free agency. 

General manager Tom Telesco said (h/t NFL.com's Nick Shook):

"After stepping back a bit from last season, we reconnected with Philip and his representatives to look at how 2019 played out, assess our future goals, evaluate the current state of the roster and see if there was a path forward that made sense for both parties. As we talked through various scenarios, it became apparent that it would be best for Philip and the Chargers to turn the page on what has truly been a remarkable run.

"We agreed that making this decision well before free agency would allow everyone to put themselves in the best position for success in 2020."

Rivers was visibly emotional after playing his final game as a Charger—a 31-21 loss to the eventual champion Kansas City Chiefs on Dec. 29:

The eight-time Pro Bowler leaves the Chargers as the franchise's all-time career passing yards leader (59,271 yards) and passing touchdowns leader (397) as well as the winningest quarterback in franchise history at 123-101.

As for the Colts, Jacoby Brissett took over as the team's starter last season after 2012 top overall pick Andrew Luck shockingly announced his retirement from football at just 29 years old. Indy signed Brissett to a two-year contract worth $30 million, but general manager Chris Ballard told reporters in early January "the jury's still out" on the 27-year-old.

Indianapolis finished 7-9 last season and missed the playoffs for the fourth time since 2015.