Farley, 26, originally signed on with the Cardinals as an undrafted free agent out of Notre Dame back in 2016. He was waived a few months later and claimed off of waivers by the Colts.
Farley is currently in the final year of his three-year, $1.62 million contract and set to make a base salary of $630,000 for the 2018 season. He will be a restricted free agent in 2019.
In 2018, Farley appeared in five games for the Colts and recorded 19 tackles, one interception, a forced fumble and four pass defenses.
Alie-Cox, 25, is making the transition to football as a tight end, but was not draft eligible this year, which allowed him to sign on with a team of his choosing. He drew interest from several teams before eventually agreeing to a contract with the Colts back in April of last year.
The Colts waived him with an injury designation during the preseason and later cut him loose with an injury settlement before re-signing him to their practice squad.
Alie-Cox returned to the Colts this past January on a futures contract, but was once again waived at the start of the regular season and added to their taxi squad. He had a brief stint on the Colts active roster this season.
In 2018, Alie-Cox has appeared in one game and caught one pass for 17 yards receiving and no touchdowns.