The Colts re-signed Sermon on Thursday, JJ Stankevitz of the team's official site reports.
Sermon wasn't tendered by the Colts, making him an unrestricted free agent, Tom Pelissero of NFL Network reports.
Sermon recorded 35 carries for 160 yards over 14 games in 2023, adding three catches for 13 yards on six targets.
Sermon played just one snap on offense in Sunday's overtime win at Tennessee. He had a drop on his only target.
Sermon is expected to work as the top backup to Zack Moss for the duration of No. 1 running back Jonathan Taylor's absence while Taylor recovers from thumb surgery, James Boyd of The Athletic reports.
Sermon did not have a carry or target in Sunday's win over Tennessee. He payed three snaps on offense.
Sermon had three carries for seven yards in Sunday's overtime loss to the Rams.
Sermon had five carries for 17 yards and one reception on two targets in Sunday's win at Baltimore.
Sermon was signed off Indianapolis' practice squad to the active roster ahead of Sunday's game at Baltimore, James Boyd of The Athletic reports.
Sermon (knee) signed to the Colts' practice squad Tuesday.