Montgomery signed with Indianapolis' practice squad Wednesday.
The Colts waived Montgomery on Tuesday, JJ Stankevitz of the team's official site reports.
Montgomery recorded three receptions for 56 yards and a touchdown on eight targets over seven games in 2023.
Montgomery is active for Sunday's game versus the Raiders.
Montgomery (groin) is listed as questionable ahead of Sunday's game against the Raiders.
Montgomery (groin) didn't participate in Thursday's practice, James Boyd of The Athletic reports.
Montgomery (groin) did not practice on Wednesday's estimated practice report.
The Colts signed Montgomery to their 53-man roster Thursday.
The Colts signed Montgomery to their active roster Saturday, Ian Rapoport of NFL Network reports.
Montgomery was elevated to the Colts' active roster Saturday.