Saints General Manager Mickey Loomis didn't release the terms of the deal, but The (New Orleans) Times-Picayune reports it is worth between $35 million and $40 million, with about $19 million of the total guaranteed.
"Since we drafted Marques in 2006, he's been everything that we are looking for in a Saint as a player and a person," Loomis said. "His combination of production, work ethic and reliability speaks for itself."
With 1,143 yards with eight touchdowns in 14 games for the Saints last season, Colston, a six-year veteran, was set to become a free agent Tuesday,
The Hofstra University product has racked up five 1,000-yard receiving seasons en route to 449 career receptions for 6,240 yards with 48 touchdowns.