Colston will receive a maximum of roughly $40 million over five years, with just under $20 million guaranteed, a league source told NFL Network insider Jason La Canfora.
"This was important to me, to be back with this team in this situation," Colston said in a statement released by the team. "I was not looking to chase free agency; it was more important for me to be back in our program, a program we have been building and a program I believe in. The Saints have been loyal to me from the beginning and I want to thank my agent Joel Segal and Saints (general manager) Mickey Loomis for getting this deal done before free agency. Now it is time to get back to work and win some more rings."
One of quarterback Drew Brees' top targets, Colston has logged 6,240 receiving yards and 48 touchdowns during his six NFL seasons.
"Since we drafted Marques in 2006, he's been everything that we are looking for in a New Orleans Saint as a player and a person," Loomis said. "Credit goes to Marques for wanting to get this deal done before free agency started. He's been a major part of our success and we're excited that he will continue to be an integral part of our team for years to come."