On the last year of his deal with the Indianapolis Colts, T.Y. Hilton is looking for a long-term contract extension with the team before the start of the 2015 NFL season.

The Colts selected wideout Phillip Dorsett in the first round of the 2015 draft, fueling speculation that Hilton could be on his way out of Indianapolis. However, recent reports stated that both sides are already discussing a possible contract extension, although no timetable has been set on the probable deal.

Hilton, who was a third-round pick by the Colts in the 2012 draft, is set to get paid about $1.6 million for 2015 and will hit free agency if no extension is made before the end of the season. He’s on the final year of his rookie contract, worth just over $2.2 million over four years, and is looking for his first huge deal in the league.

Hilton, who plays the wide receiver and punt returner positions with the Colts, made the NFL Pro Bowl last season and has had back-to-back 1,000-plus receiving yards the last couple of years.

Hilton had 1,083 receiving yards on 82 receptions with five touchdowns in 2013 and 1,345 receiving yards on 82 receptions with seven touchdowns in 2014. The 25-year-old WR has been quarterback Andrew Luck’s top target since the 2013 season.

The Colts finished with an 11-5 win-loss record in 2014 and made it to the playoffs, where they beat the Cincinnati Bengals in the wild card round as well as Denver Broncos in the divisional playoffs. They lost to the eventual Super Bowl champion New England Patriots in the conference championship.