[Updated at 6:27 p.m.]

The Redskins met one of their biggest needs of free agency by signing dynamic wide receiver and former Indianapolis Colt Pierre Garcon. Garcon announced the deal on his Twitter account shortly after free agency opened Tuesday afternoon.

Garcon agreed to a five-year, $42.5 million contract with the Redskins that includes $21.5 million in guaranteed money, a person familiar with the negotiations said.

Wasting no time as the free agent signing period began, the Redskins also were in negotiations with wide receiver Josh Morgan, a person familiar with the talks said.

Morgan, a D.C. native who played at H.D. Woodson High and Virginia Tech, played his first four seasons for the San Francisco 49ers.

He had only 15 catches in five games last season but totaled 96 catches over two seasons in 2009 and 2010.

Fellow free agent wideout Vincent Jackson was focusing on talks with the Tampa Bay Buccaneers while also being pursued by the Redskins, one person familiar with the situation said.

Garcon spent his first four NFL seasons with the Indianapolis Colts and had 188 catches for 2,519 yards and 16 touchdowns. He had 70 catches for 947 yards and six touchdowns last season.

He rejected a five-year contract offer by the Colts before free agency reportedly worth about $35 million.

Garcon, listed at 6 feet and 210 pounds, is a speedy receiver who will give the Redskins a deep threat on offense for Robert Griffin III, the team’s likely selection with the No. 2 overall choice in the NFL draft.

There had been some speculation that Garcon and Reggie Wayne, another free agent wide receiver formerly with the Colts, would rejoin their former quarterback, Peyton Manning, once Manning chooses a new team. But the Redskins landed Garcon even after being rebuffed in their efforts to get into the Manning sweepstakes.

The Redskins didn’t have a 1,000-yard receiver last season and hope Garcon can develop into a productive target for Griffin. Garcon never has had a 1,000-yard season in the NFL. He turns 26 in August.

Details of his contract were not immediately available.