Vinatieri, 41, agreed to a two-year deal with the Colts, a league source told ESPN NFL Insider Adam Schefter.
The Colts announced the deal Tuesday morning on their Twitter page.
- Indianapolis Colts (@Colts) March 11, 2014
Vinatieri converted 87.5 percent of his field goals attempts (35 of 40) last season and made 15 from between 40 and 49 yards and four from at least 50 yards.
Last season, he became the seventh player in NFL history to score at least 2,000 points. He has 16 seasons with at least 100 points.
A two-time Pro Bowler, Vinatieri helped the New England Patriots win three Super Bowls earlier in his career.
ESPN.com Colts reporter Mike Wells contributed to this report.