The 2019 Defensive Player of the Year missed time due to a contract dispute and quad injury and joined the Panthers in an October trade from the New England Patriots.
He totaled 16 tackles, two passes defensed and two interceptions in eight games in 2021. The five-time Pro Bowl selection and two-time All-Pro led the NFL with six interceptions and 20 passes defensed in 2019.
Gilmore spent his first five seasons with the Buffalo Bills. He was the No. 10 overall pick in the 2012 NFL Draft.
The Colts allowed the second-most passing touchdowns in the NFL last season. They ranked 19th in passing yards allowed. Gilmore is expected to start opposite fellow cornerback Kenny Moore II next season.