Pittman has agreed to a three-year deal to remain with the Colts, Ian Rapoport of NFL Network reports.
Indianapolis have placed the franchise tag on Pittman ahead of Tuesday's 4:00 p.m. ET deadline, Tom Pelissero of NFL Network reports.
Colts general manager Chris Ballard said Wednesday that Pittman will be on the team's roster for the upcoming season, whether via contract extension or the franchise tag, Nate Atkins of The Indianapolis Star reports.
Pittman caught five of seven targets for 46 yards in Sunday's 23-20 win over the Raiders.
Pittman (concussion/shoulder) is listed as active for Sunday's game against the Raiders.
Pittman (concussion/shoulder) is listed as questionable for Sunday's game against the Raiders after logging full practices Thursday and Friday.
Pittman (concussion/shoulder) has cleared the NFL's concussion protocol and is in line to play against the Raiders on Sunday, barring any setbacks, Nate Atkins of The Indianapolis Star reports.
Pittman (concussion/shoulder) was listed as a full practice participant Thursday.
Pittman (concussion/shoulder) was spotted taking part in practice Thursday, James Boyd of The Athletic reports.
Pittman (concussion/shoulder) was listed as a limited participant on Wednesday's practice estimate.