Indianapolis, IN (SportsNetwork.com) - The Indianapolis Colts and wide receiver Reggie Wayne will part company.

The team said Friday it will not re-sign Wayne, who had spent each of his 14 NFL seasons in Indianapolis.

Wayne is the franchise leader with 211 regular-season games played. He is second in franchise history with 1,070 receptions, 14,345 receiving yards and 80 receiving touchdowns.

"Reggie is one of the greatest men to ever wear the horseshoe, and we have been blessed to watch him play for the past 14 years," said Colts owner Jim Irsay in a statement Friday. "When he first took the field with us in 2001, we knew this day would eventually arrive. That reality is one of the things that makes pro football such a tough business. We feel this decision is in the best interests of the team and for Reggie as it will allow him to seek a better opportunity for playing time elsewhere if he so chooses. Reggie is beloved by the Colts organization and our fans and he will always be a part of the Colts family. I look forward to the day in the near future when our great number 87 enters the Colts Ring of Honor and the Pro Football Hall of Fame."

The Colts selected Wayne with the 30th overall pick of the 2001 NFL Draft. He has been selected to the Pro Bowl six times and helped the Colts to a Super Bowl title after the 2006 season.

"Everyone knows the greatness and history associated with No. 87," said Colts general manager Ryan Grigson. "He truly is one of a small handful of players who really define the Colts as an organization. His dedication and the example he set are second to none. We wish him nothing but the best in whatever new endeavor he pursues."

The 36-year-old Miami-Florida product has had the benefit of playing with two great quarterbacks during his time with the Colts, first with Peyton Manning and then with Andrew Luck. He had seven straight 1,000-yard seasons with Manning, then struggled in 2011 when Manning was hurt, but finished with 106 receptions for 1,355 yards in 2012 during Luck's rookie campaign.

"My relationship with Reggie goes back to my coaching days at the University of Miami," said Colts coach Chuck Pagano. "I am so grateful I had the chance to coach Reggie again when I arrived in 2012. It was a blessing to see the impact that he made with this organization and Colts fans around the world."

Wayne played just seven games in 2013 because of an ACL injury, then returned last year and totaled 64 receptions for 779 yards with two touchdowns in 15 games.