The Indianapolis Colts and quarterback Gardner Minshew agreed to a one-year, $3.5 million deal, according to multiple reports on Thursday.

The deal reportedly has incentives that could allow Minshew to make up to $5.5 million.

Minshew was a backup on the Philadelphia Eagles the past two seasons under offensive coordinator Shane Steichen, who is the new head coach of the Indianapolis Colts.

The reported deal comes one day after the Colts released veteran quarterback Matt Ryan, who didn’t live up to his past level of performance in his one season with the Colts.

Indianapolis is expected to select a quarterback in the first round of the 2023 draft. The Colts have the No. 4 overall pick.

Minshew’s familiarity with Steichen’s offense gives him a shot to open the season as the starter should a rookie need more time to develop.

Minshew went 1-3 as a starter in Philadelphia over the past two seasons while passing for 1,102 yards, seven touchdowns and four interceptions in nine appearances.

Overall, he has passed for 6,632 yards, 44 touchdowns and 15 interceptions over 32 appearances (24 starts) in four NFL seasons. He spent his first two seasons with the Jacksonville Jaguars and went 7-13 as a starter.

–Field Level Media