NDIANAPOLIS, March 19 (UPI) -- The Indianapolis Colts signed veteran quarterback Matt Hasselbeck to a two-year, $8 million contract Tuesday, the team website announced.

The addition of the 14-year NFL veteran, to be the backup to Colts' starting quarterback Andrew Luck, had been speculated at owners' meetings Monday, the Indianapolis Star reported.

Hasselbeck, 38, was released by the Tennessee Titans earlier Monday for salary cap reasons. In his career he has passed for 34,517 yards, is a three-time Pro Bowl selection, has an 80-72 record as a NFL starter and led the Seattle Seahawks to Super Bowl XL in 2006, the newspaper said.