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Matt Hasselbeck signs Indianapolis Colts contract

Matt Hasselbeck didn't waste time in finding a new home.

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Hours after he was cut loose by the Tennessee Titans for financial reasons,'s Ian Rapoport reported on Monday that Hasselbeck is close to agreeing to terms on a two-year deal with the Indianapolis Colts, according to a source close to the player.

On Tuesday morning, Colts wide receiver T.Y. Hilton joined "NFL AM" to share his thoughts on the prospect of playing with Hasselbeck.

"I think that would be a great move to have a vet to backup Andrew [Luck] and just teach him some of the fundamentals of the game," Hilton said. "To have a guy like that would mean a lot to our team."

ESPN's Chris Mortensen reported on Monday that the Arizona Cardinals, Buffalo Bills, Chicago Bears, Cincinnati Bengals, Cleveland Browns, New Orleans Saints, New York Giants, San Francisco 49ers and Tampa Bay Buccaneers also showed interest in Hasselbeck.

The willingness to join the Colts is a clear sign Hasselbeck is prepared to settle into the "savvy veteran backup" stage of his career. Hasselbeck turns 38 in September.

Hasselbeck was released by the Titans after the sides couldn't reach a compromise on a pay cut. He replaces Drew Stanton, who left the Colts in free agency to join the Arizona Cardinals.

The Colts would love if Andrew Luck took every snap in 2013. If not, Hasselbeck serves as a sturdy understudy who comes with a pedigree.

UPDATE: The Colts announced Hasselbeck's signing on Tuesday morning.'s Ian Rapoport reported Tuesday that the contract is worth $8 million over two years, and Hasselbeck will earn $5 million during the first year of the contract.

Follow Dan Hanzus on Twitter @DanHanzus.

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