ANDERSON, Ind. -- Pro Bowl receiver T.Y. Hilton has agreed to a contract extension with the Indianapolis Colts.

FOX Sports 1 NFL insider Mike Garafolo confirms that the deal is a five-year, $65 million extension with $39 million in guarantees.

"It's a great day for the Indianapolis Colts, T.Y. Hilton and his family," Colts general manager Ryan Grigson said in a statement released by the team. "We're extremely happy as an organization to ensure that T.Y. will continue to be a part of our journey for many years to come. His daily excellence on and off the field is a shining example of an individual striving for greatness and what it truly means to be a Colt."

Last week, Colts owner Jim Irsay said he hoped to have a deal finished by Labor Day. Hilton's agent, Drew Rosenhaus, made his third appearance at training camp Wednesday.

In three seasons, Hilton has 214 receptions, 3,289 yards and 19 touchdowns. Last season, he had 82 catches and seven TDs and set a career high with 1,345 yards.