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It looks like Pierre Garcon is going to test the free agent waters.

Adam Schefter of ESPN.com reports that the wide receiver turned down a five-year contract offer from the Colts recently, raising the likelihood that he will hit the open market on March 13th. Garcon had a career-high 70 catches and 947 yards last season, his fourth in the NFL and first without Peyton Manning throwing him passes. That latter fact should boost his value to other teams, unless Garcon has other plans.

As with fellow impending Colts free agent wide receiver Reggie Wayne, there figures to be some speculation that Garcon will want to wind up wherever Manning ends up playing quarterback next season. Of course, the busy wide receiver market figures to land players in some unexpected spots and the need to replace a departing veteran could open up some doors (and wallets) for Garcon, who turns 26 in August, that aren’t apparent at the moment.

There’s also a chance that the Colts could come back with an offer that makes Garcon reconsider skipping town, but signs are pointing to an almost total upheaval on the offensive side of the ball in Indy.