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Marques Colston has agreed to a new, five-year contract with the New Orleans Saints. The deal was first reported by FOXSports insider Jay Glazer. According to Associated Press sports writer Brett Martel, Colston's agent, Joel Segal, confirmed the length of the contract.

NFL Network insider Jason La Canfora subsequently reported that Colston will receive a maximum of roughly $40 million over five years, with just under $20 million guaranteed.

The sides were hard at work on a deal in the hours leading up to free agency.

"This was important to me, to be back with this team in this situation," Colston said in a statement released by the team. "I was not looking to chase free agency; it was more important for me to be back in our program, a program we have been building and a program I believe in. ... Now it is time to get back to work and win some more rings."

One of quarterback Drew Brees' top targets, Colston has logged 6,240 receiving yards and 48 touchdowns during his six NFL seasons. He's had more than 1,000 yards receiving in five of his six seasons, coming up short only when he missed five games with a hand injury in 2008.

That he'll remain in New Orleans -- and in an offense where he's been so productive -- is clearly the best-case scenario from a Fantasy perspective.

As ESPN.com's Matt Williamson noted last week, "Colston can line up all over the field and despite his big body, is very effective out of the slot. He is also excellent in the red zone and catches everything thrown his way. But Colston isn't a quick-twitch guy, benefits a ton from his surrounding cast and has an extensive medical history. New Orleans is the best place for him."

Other teams reportedly had doubts about whether Colston, who has had five knee surgeries since joining the league, is a worthwhile investment as a No. 1 receiver. Those questions, however, are moot with his return to the Saints.

Last season, the 28-year-old Colston missed two games with a broken collarbone and finished third on the club in catches with 80, second in yards with 1,143 and tied for second in touchdown catches with eight.

Colston averaged 81.6 yards receiving in his 14 games. Had he maintained that for all 16, he would have posted 1,306 yards, four fewer than tight end Jimmy Graham, who led the Saints and ranked seventh in the NFL.

The 28-year-old wide receiver is one of the more high profile free agents the Saints are trying to work deals with this offseason. The team recently put a franchise tag on Brees and hopes to reach a deal with starting left guard Carl Nicks -- although the latter seems increasingly unlikely.