The Indianapolis Colts don’t plan to extend quarterback Andrew Luck’s contract until next offseason, owner Jim Irsay said Monday.

Speaking at the NFL owners meetings in Phoenix, Irsay said the team has had conversations with Luck’s agent but is in no hurry to make a deal.

“Andrew still has two years left, and whatever our talks are between Andrew and his people will remain confidential,” Irsay said. “I really think most likely the scenario is going into the offseason next year is when that second contract will come up. That’s the vision I have right now.”

The Colts are expected to exercise their 2016 option for Luck by the May 3 deadline.

Luck, the No. 1 pick in the 2012 draft, has led the Colts to the playoffs in all three of his seasons and is expected to become one of the league’s highest-paid players whenever he does sign an extension.