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Are The Colts Going to Sign T.J. Houshmandzadeh? [UPDATE]

SI's Will Carroll tweeted this last night:

Why is tj houshmandzadeh in downtown Indy?

Scott Gustafson, a producer at ESPN, tweeted this:

@AdamSchefter TJ Houshmandzadeh to the Colts? All decked out in a suit tonight in the hotel like he had talks today...

This would be an interesting signing. Is it a 'bad' one? No. I'd rather the team sign Randy Moss, or, to quote someone who sent my a little blurb on twitter early this morning, 'Can Housh play safety?'

Houshmandzadeh is two years removed from a 79 catch season. From 2005-2008, he and Chad Ochocinco were one of the best WR pairs in football (Marvin Harrison and Reggie Wayne were the best, in my not-so-humble-but-completely-100%-correct-opinion).

Last season, Houshmandzadeh hooked up with the Ravens, and the match didn't work. He caught 30 balls and started just two games. Housh is best known last year for dropping a critical 4th-and-10 ball that would have kept the final drive alive for the Ravens against the Steelers in the playoffs. It landed in his hands, between the numbers, and he just plain dropped it. Ravens lost.

If the Colts are serious about signing Housh, it likely means that 1) Blair White is far more injured than we have been led to believe (he hasn't practiced at all in training camp with a back injury), and 2) The Colts have no faith in their WR depth outside Reggie Wayne, Pierre Garcon, Austin Collie, and Anthony Gonzalez.

[UPDATE] Got this tweet from Rich Smith at ALLsportsINTEL:

Im being told the Colts are close to signing Houshmandzadeh to a 1yr deal.

We'll see if this gets confirmed.