No contract restructure has been worked out to reduce his hefty salary-cap figure, but Freeney is in the Colts' plans.
"We haven't gotten into any of those specifics yet," Colts general manager Ryan Grigson said today during a conference call. "We're happy Dwight is here and we're happy he's going to be on the team this year and rushing the quarterback and making plays for us like the great player he is."
And Grigson was dismissive of trade rumors surrounding the former Pro Bowl pass rusher.
"There is a lot of speculation as I'm learning this thing," Grigson said. "It's pretty rampant and there are a lot of rumors. There are a lot of rumors that fly, but there's never been any substance that would suggest we're doing anything like that. He's a Colt, period."
For more coverage of the NFL, go to profootball.scout.com.
Follow me on Twitter: @RavensInsider
Colts keeping Freeney despite high cap hit
Scout NFL Network Top Stories
Practice gets heated in second OTAsThe Oakland Raiders practice got heated during the second OTA session
SB Report2:35 PM
Bucs Players Showing BeliefRobert Ayers talks about the amazing atmosphere during Bucs OTAs.
Bucs Blitz10:28 AM
2016 Dynasty Football Positional RankingsScout's 2016 positional Dynasty Football rankings are now available! Check out the top five players at each position!
Scout Fantasy9:38 AM
Cousins: Time to take ownershipThe Redskins quarterback helped lead Washington to the NFC East title, but he's not pretending he has all the answers entering 2016.
Breaking Burgundy8:49 AM