Drafted first overall out of Stanford, Luck is in line for a four-year contract worth a guaranteed $24 million under the NFL slotting system.
The deal would include a signing bonus of roughly $16 million and a fifth year team option.
Last year's first overall pick, Carolina Panthers quarterback Cam Newton, got a $22 million guaranteed deal with a $14.5 million signing bonus.
Luck is slated to start immediately for the Colts in the fall.
The quarterback practiced during the Colts' rookie minicamp but can't return to workouts until after June 7 due to Stanford's academic schedule.
The Colts' full-team minicamp that Luck will be allowed to attend is set for June 12 through June 14.
For more coverage of the NFL, go to profootball.scout.com.
Follow me on Twitter: @RavensInsider
Want more in-depth coverage on your favorite NFL team? Click here and get started today.