It didn't take long for veteran quarterback Matt Hasselbeck to find a new team.

Hasselbeck, who was released by the Tennessee Titans on Monday, signed with the Indianapolis Colts on Tuesday, the team announced.

With the Colts, the 37-year-old Hasselbeck will serve as a backup to Andrew Luck. Indy needed a veteran backup after Drew Stanton left for Arizona, where he was reunited with Colts offensive coordinator Bruce Arians.

"His body of work, intangibles, and extensive league experience speak for themselves. Those factors, plus his familiarity with our offensive scheme, will make him a great asset to our team and its vision as we move forward," Colts general manager Ryan Grigson said in a statement.

The Titans released Hasselbeck, who was set to make a base salary of $5.5 million this season. With bonuses, he would have counted $7.5 million against the club's salary cap.

Tennessee quickly found a new backup for Jake Locker, agreeing to a two-year contract with Ryan Fitzpatrick on Monday, a league source told ESPN NFL Insider Adam Schefter.

A three-time Pro Bowler, Hasselbeck spent two seasons with the Titans. After throwing for 3,571 yards in 2011, he was the backup to Locker last season.

In 14 seasons, Hasselbeck has thrown for 34,517 yards with 201 touchdowns and 147 interceptions.

Information from The Associated Press was used in this report.