According to a league source, the Indianapolis Colts have waived veteran running back Chad Simpson.

Signed by the Colts as an undrafted free agent from Morgan State in 2008, Simpson has appeared in 25 games over the last two seasons for the Colts, carrying the ball 30 times for 147 yards (4.9 avg) and 3 touchdowns. Simpson also averaged 23.4 yards on 53 kick returns for the Colts, including a 23.6 yard average in 2009.

Simpson returned a kick 93 yards for a touchdown against the Jacksonville Jaguars last December.

Depth at running back isn't an issue for the Colts, who have 2009 first-round pick Donald Brown behind starter Joseph Addai. Former Michigan standout Mike Hart and Devin Moore, an Indianapolis native who led the Seattle Seahawks in rushing last pre-season, round out the stable of running backs on the Colts' roster.