Indianapolis Colts owner Jim Irsay has revealed that the club are likely to wait until next year to hand a contract extension to quarterback Andrew Luck.

The Colts selected Luck with the first overall pick in the 2012 Draft, and the 25-year-old has excelled for the AFC South side, leading them to the playoffs in all of his three seasons at the club.

Luck is reportedly in line to receive a contract in the region of $25m (£16.8m) per season to become the highest-paid player in the league, but Irsay has admitted that the club will wait until after the 2015 season to begin negotiations.

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

"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 has thrown for 12,957 yards and 86 touchdowns to 43 interceptions in his three years in the NFL.