Caught this story on 18to88 this morning.  According to Tom Condon, Bob Sanders' agent, Sanders has now met with four teams, or two additional (unnamed) teams since we last reported that he had met with Jacksonville and Buffalo, and seems unlikely to return to Indianapolis.

The end of this FOX Sports article certainly casts significant doubt on Sanders ever wearing the horseshoe again:

What is unlikely to happen for Sanders, Condon said, is a return to the Colts. There had been some speculation that Indianapolis could attempt to resign the veteran safety, but at a less expensive and more protective price.

"I just think," Condon said, "it would be hard for him to go back."

Of course, that seems open to interpretation.  Is Condon implying that it would be difficult for Sanders to return to Indianapolis because he doesn't foresee the Colts offering a larger contract than what Sanders will earn on the open market, or is Condon implying that Sanders is upset with the Colts for terminating his contract and consequentially holds too much of a grudge against Indy's front office to re-sign here?  "Hard to go back" is a bit vague.

I would guess the former, but nothing with Sanders has really happened as planned or expected, so I could see the argument for the latter.  Either way, it's a safe bet that the Colts have moved on from the Sanders era and must address the safety position in either free agency (Melvin Bullitt says 'hi'), the NFL draft or both.