The Indianapolis Colts have exercised a fifth-year option on franchise quarterback Andrew Luck's contract.

The number one overall pick in the 2012 Draft will likely become the NFL's highest-paid player when he signs his new deal.

Colts owner Jim Irsay said last month that the franchise will wait until after the 2015 season before addressing the signal-caller's long-term contract situation.

"Andrew still has two years left, and whatever our talks are between Andrew and his people will remain confidential," Irsay said, ESPN reports.

"I really think most likely the scenario is going into the off-season next year is when that second contract will come up. That's the vision I have right now."

Luck led the NFL in touchdown passes with 40, and was third in passing yards with 4,761 in the 2014 season.