The Indianapolis Colts have confirmed they will not re-sign veteran wide receiver Reggie Wayne.

Wayne has played his entire 14-season career with the Colts, winning two AFC titles and Super Bowl XLI during his career in Indianapolis, which he finished with 1,070 catches for 14,345 receiving yards and 82 receiving touchdowns.

But the franchise's all-time leader in regular-season games played (211) and wins (143) will now be looking for a new team.

"Reggie is one of the greatest men to ever wear the horseshoe, and we have been blessed to watch him play for the past 14 years," Colts owner Jim Irsay said. 

"When he first took the field with us in 2001, we knew this day would eventually arrive. That reality is one of the things that makes pro football such a tough business.

"We feel this decision is in the best interests of the team and for Reggie as it will allow him to seek a better opportunity for playing time elsewhere if he so chooses. 

"Reggie is beloved by the Colts organisation and our fans and he will always be a part of the Colts family. I look forward to the day in the near future when our great number 87 enters the Colts Ring of Honour and the Pro Football Hall of Fame."

"He is the epitome of what a coach looks for in a player," Colts head coach Chuck Pagano added.

"Hard work, dedication, and sacrifice are just a few ways I would describe him. It was a blessing to see the impact that he made with this organisation and Colts fans around the world.

"I wish him all the best in the future and thank him for representing the horseshoe in the most professional manner."