The Indianapolis Colts are seeking a third-round pick for wide receiver Josh Downs, according to Adam Schefter of ESPN. Downs officially requested a trade earlier this week.

“The Colts have told teams they’re looking for third-round value,” Schefter said on The Adam Schefter Podcast. “Nobody’s willing to do that right now.” 

The Colts continue their fire sale after firing general manager Chris Ballard.

The Colts traded guard Quentin Nelson and defensive tackle DeForest Buckner on Tuesday, and Downs, the team’s slot receiver, could be the next to go.

The Pittsburgh Steelers will likely be interested in Downs, as the team has been playing without three of its top five wide receivers the last few weeks, with Roman Wilson, Michael Pittman Jr. and Ben Skowronek all out of action.

Downs, 25, was a third-round pick of the Colts in the 2023 NFL Draft. A 5-foot-9, 171-pound receiver out of North Carolina, he became a starter as a rookie and has posted there strong seasons to start his NFL career, despite a very unsettled quarterback situation in Indianapolis.

Downs had his best season in 2024, when he caught 72 passes for 803 yards and five touchdowns, almost exclusively playing out of the slot. This season, with Pittman traded from the Colts to the Steelers this offseason, Downs has been playing more outside receiver and has been slightly less productive. In seven games, he’s caught 26 passes for 307 yards and has yet to score.

The Steelers will not be the only team after Downs, and the Kansas City Chiefs, who are dealing with injuries to receivers Tyquan Thornton and Rashee Rice, may be the top completion.

The Steelers have been connected to other receivers, including former Jacksonville Jaguars first-round pick Brian Thomas Jr.

The NFL trade deadline is not until Nov. 10, so Colts interim general manager Ed Dodds has plenty of time to maximize his return on Downs, if he wants to.