"I think Reggie will at least be allowed to go out and test the waters," Polian said on Sirius XM NFL Radio, according to FoxSports.com. "Now, will Reggie get something that he likes? I don't know."
Polian said that while Wayne is "an institution in Indianapolis," the receiver "has to maximize his earning power because he's closer to the end of his career than the beginning.
"It may well be that someone has more cap room or money than the Colts can offer him. They're very tight on the cap this year."
The 33-year-old Wayne registered fewer than 1,000 yards receiving (960 on 75 catches) last season for the first time since the 2003 season. His four touchdowns matched his output from 2002, when he started just seven games.
"Reggie doesn't run with as much speed and explosion as he once did but he has phenomenal hands," Polian said. "He really can set up defensive backs. When you talk about a team, for example, like the (New York) Jets, that (has) plenty of speed but not enough people who can really get open and make plays in clutch situations, particularly from a hands standpoint, Reggie would be a perfect fit there."
Wayne has said that his first choice would be to stay in Indianapolis, but as of early February he had yet to hear from the team.