According to NFL Network's Rand Getlin, the Colts and wide receiver T.Y. Hilton are working "diligently" on a long-term contract extension, though he notes that there is still no definitive timeline.
Earlier today, Colts left tackle Anthony Castonzo confirmed that him and the Colts are currently working on a long-term contract extension, and it wouldn't be a surprise to see Castonzo and wide receiver T.Y. Hilton both receive a new deal before the regular season begins. That's what owner Jim Irsay said last week, noting that extensions for both players could get done before Labor Day.