Joe Flacco is in agreement with the Colts on a one-year deal, sources say

The Indianapolis Colts and veteran quarterback Joe Flacco have reached agreement on a one-year deal worth up to $8.7 million, sources told ESPN's Adam Schefter on Wednesday.

Flacco, who played for the Cleveland Browns last season and won the NFL's Most Valuable Player award, will receive $4.5 million guaranteed in the deal, sources said.

Following a season-ending shoulder injury to quarterback Deshaun Watson, Cleveland signed Flacco to its practice squad on November 20.

Two weeks later, Flacco made his first start. He became the first quarterback in NFL history to throw for more than 250 yards and multiple touchdowns in his first five games with a new team.

He also led the Browns to a four-game winning streak and a No. 5 seed in the AFC playoffs. He finished the regular season with 1,616 yards, 13 touchdowns, and 8 interceptions in five games.

However, Cleveland fell in the first round of the postseason to the Houston Texans. Flacco made pick-and-roll layups on back-to-back possessions in the second half of the 45-14 defeat.

Flacco, 39, won a Super Bowl with the Baltimore Ravens in 2013 and was named Super Bowl MVP. He has thrown for 43,936 yards and 245 touchdowns in a career that also includes time with the Denver Broncos and New York Jets.

ESPN's Jake Trotter contributed to this report.

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