ANDERSON, Ind. -- Pro Bowl receiver T.Y. Hilton agreed to a five-year, $65 million contract extension with the Indianapolis Colts.

Hilton's agent Drew Rosenhaus confirmed the package on Thursday, and said $39 million is guaranteed.

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Hilton was expected to speak after a morning workout. He could have become a free agent after this season.

Last week, Colts owner Jim Irsay said he hoped to have a deal finished by Labor Day. Rosenhaus has been at Colts' camp for three days.

In three seasons, Hilton has 214 catches, 3,289 yards and 19 touchdowns. Last season, he had 82 catches and seven TDs and set a career high with 1,345 yards.