The Colts signed Fountain to the practice squad Tuesday.
The Colts waived Fountain last Saturday, but the third-year receiver cleared waivers and will sign with the practice squad. The 24-year-old has suited up in four games with the Colts this season and caught two of three targets for 23 yards. Fountain's a candidate to be elevated to the active roster this week depending on how T.Y. Hilton (groin) and Ashton Dulin (knee) progress in their respective recoveries.