Wide receiver T.Y. Hilton and the Indianapolis Colts have agreed on a five-year contract extension worth $65 million, according to multiple reports.

ESPN reported that $39 million will be guaranteed money. The team took to Twitter on Thursday to announce the deal.

"It's a great day for the Indianapolis Colts, T.Y. Hilton and his family," Colts general manager Ryan Grigson said in an official statement. "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."

The 25-year-old Hilton will be entering his fourth season in the league after recording 1,000-plus receiving yards in the last two seasons. Last year, he logged 1,345 yards on 82 catches with seven touchdowns. For his career, he has a total of 3,289 receiving yards, 214 receptions and 19 touchdowns.

“I love being here. This is a dream come true,” Hilton said about his extension with the Colts. “I didn’t want to go into the season with it on my mind. I’m ready to play now, just give it my all. I’m going to continue to give it my all.”

Hilton, who was a third round pick in the 2012 draft, also made it to the NFL Pro Bowl for the first time in his career last season. In the Colts’ history, no other wide receiver has recorded more receptions, receiving yards and 100-yard games through the first three seasons, according to colts.com.

“I’m really happy for T.Y. and his family. It’s well deserved,” Colts head coach Chuck Pagano said on the team’s official website. “Anytime you’re productive, you’re a great teammate, you’re doing the right thing on the field/off the field, this is what you have.”