INDIANAPOLIS -- Jim Irsay said Saturday that contract negotiations with franchise quarterback Andrew Luck have become serious, and the Colts owner wants a deal to be agreed upon by the start of training camp in July.

During the NFL owners meetings in March, Irsay said he hoped a "nine-figure" deal would be reached with Luck by July 4.

On Saturday, while meeting with the media on the final day of the NFL draft, Irsay said, "Talks are progressing well. We have made progress. I mentioned Fourth of July before. I don't think that marker is something that needs to be watched as an indicator. We should be able to come to a deal. Until you do, we still have ground to cover. There's no question about that. It's a complicated contract. It's one that has to work both ways to make sure we're able to field a great football team."

The Colts signed receiver T.Y. Hilton and offensive tackle Anthony Castonzo to long-term deals before the start of the 2015 regular season.

"I think I remember doing [Peyton Manning's] last contract in training camp," Irsay said. "Obviously before we get to training [camp] we'd like to do it. There are times when you get to camp, you're into the preseason, you can still get something done."

Luck will play out the final year of his rookie contract if the two sides can't agree to an extension. The quarterback threw 15 touchdown passes but committed 13 turnovers last season, during which he sat out nine games because of injuries, including a lacerated spleen.