"REGGIE! REGGIE! REGGIE!!!!!!!" the Colts owner tweeted hours after the NFL free agency period began.
Wayne, who has played all of his 11 NFL seasons with the Colts -- catching passes from Peyton Manning for most of that time -- was one of 532 players who became a free agent when his contract expired in the afternoon.
But the 33-year-old wide receiver has agreed to a three-year deal to remain with the team despite Manning's departure, according to the Indianapolis Star, which said Wayne confirmed the deal that had been reported by multiple outlets earlier in the night.
Wayne had 75 catches for 960 yards and four touchdowns last season, numbers that were down as the Colts struggled to find a reliable weekly quarterback presence in Manning's absence.
He has racked up 862 receptions for 11,708 yards and 73 touchdowns since his rookie season in 2001.