"The Indianapolis Colts will sign former Philadelphia Eagles receiver Hank Baskett on Thursday, a league source told ESPN NFL Insider Adam Schefter.

The Colts have been in the market for a receiver since losing Anthony Gonzalez to a knee injury.

After releasing Marvin Harrison in a cost-cutting move in February, the Colts expected two former first-round picks, receivers Reggie Wayne and Gonzalez to step up.

But Gonzalez sprained ligaments in his right knee Sunday and is expected to miss several weeks. The Indianapolis Star, citing a source, reported Thursday that Gonzalez won't require surgery and hopes to return after the Colts' Oct. 18 bye -- meaning he will miss four games."