According to NFL Network's Ian Rapoport, Wentz plans to "rest and rehab" his foot rather than have surgery. He could be ready for Week 1 if that approach works, but if not, surgery is a possibility.
ESPN's Adam Schefter reported Friday that Wentz would be out indefinitely after suffering the foot injury near the end of practice Thursday.
The 28-year-old veteran spent his first five NFL campaigns with the Philadelphia Eagles after they took him second overall in the 2016 NFL draft.
Wentz's trade to Indianapolis came to fruition following a 2020 season in which Wentz struggled mightily and lost his starting job to Jalen Hurts.
The former North Dakota State star went just 3-8-1 as a starter last season and completed 57.4 percent of his passes for 2,620 yards, 16 touchdowns and an NFL-high 15 interceptions.
It was a tough fall from grace for a player who was firmly in the MVP conversation just three years earlier.
The 2017 season seemed like the start of something special for Wentz, as he went 11-2 in 13 starts and completed 60.2 percent of his passes for 3,296 yards, 33 touchdowns and seven interceptions. If not for a torn ACL that cut his season short, he likely would have been the MVP.
Wentz won a Super Bowl that season, but he had to watch from the sideline as Nick Foles led Philly to a championship.
While Wentz had some positive moments after that, he was never quite the same player as he was before the knee injury. Even so, the Colts were willing to take a chance on the strength of his relationship with Frank Reich.
Reich, who is the Colts head coach, was the Eagles offensive coordinator during Wentz's best season in 2017.
The reclamation project may be put on hold temporarily while Wentz heals up, and if that is the case, 2020 fourth-round pick Jacob Eason is the likeliest candidate to fill in.
Sam Ehlinger, a rookie sixth-round pick out of Texas, figures to move up the depth chart as well until Wentz returns. Additionally, the Colts signed veteran quarterback Brett Hundley on Saturday.