The 33-year-old receiver has agreed to a three-year deal to remain with the Indianapolis Colts, according to ESPN's Adam Schefter.
This is somewhat of a surprising move, as many assumed the five-time Pro Bowler would be the latest Colts veteran to leave town, perhaps following quarterback Peyton Manning to his next destination. An earlier report on Tuesday, however, indicated that Wayne was in contact with the Colts, potentially working out a deal.
It didn't take long for that deal to come to fruition, and rather than following Manning, Wayne will instead catch balls from his replacement next season — presumably Stanford's Andrew Luck.
Pro Football Talk reports that the deal is for $17.5 million over three years, with $7.5 million guaranteed.
Wayne caught 75 passes for 960 yards and four touchdowns in 2011 after eclipsing the 1,000-yard receiving mark for seven straight years from 2004-2010.