According to Josh Katzenstein of the New Orleans Times-Picayune, coach Sean Payton announced the move after practice.
Nicks’ comeback bid didn’t even make two weeks, as the Saints apparently didn’t see enough from him to continue.
The former Giants wideout caught seven passes last year in his second stint in New York, after a less-than-stellar trip to Indianapolis. He hasn’t topped 1,000 yards since 2011, and may not get many more chances.
IND WR Hakeem Nicks - Week 20, 2014 Fantasy Football Outlook
Hakeem Nicks - Week 20 vs. New England
Hakeem Nicks caught a touchdown last week, his fifth of the season. Outside of touchdowns, Nicks really hasn't contributed much to the Colts. He had one good game where the Colts rested their starters. He's not worth a look.