INDIANAPOLIS -- The Indianapolis Colts planned a 4:30 p.m. news conference Monday to announce the future of coach Tony Dungy.

Dungy met with team management at the Colts complex for several hours Monday before he planned to reveal whether he would return

Scuttlebutt around the organization suggested that Dungy will likely return for a seventh season, but nothing was known for sure.

6News and TheIndyChannel.com plan to carry the news conference live.

Last week, the Colts made it known that assistant coach Jim Caldwell will become head coach should Dungy decide to retire.

Caldwell has an extensive resume, with years at Wake Forest and Penn State. He came to the Colts with Dungy in 2002 and was named assistant head coach in 2005. Before that, he worked with Dungy in Tampa.

"First of all, he has the confidence of everyone in the organization," said Colts president Bill Polian. "Secondly, he performed admirably during Tony's crisis (after the death of Dungy's son.) Thirdly, he was appointed assistant head coach over a year and a half before that because we'd seen in him the qualities that it takes."

Both Dungy and Colts quarterback Peyton Manning have high praise for Caldwell.

"He's been instrumental in what we've done around here offensively," Manning said. "He's helped me and my play, but what he's done for offense, what he does week to week behind the scenes ... I'm telling you right now, what all he does to help our offense."

"He's done a great job here with Peyton. He did a great job with Brad Johnson the year he was with me in Tampa. He's been a head coach before and did a great job turning a program around at Wake," Dungy said.

Dungy is 127-65 in 12 seasons as an NFL head coach. He is the only Colts coach to get double-digit victory totals and earn playoff berths in six straight seasons.