Butler signed on with the Colts in early October, but was unfortunately waived close to a week ago.
The Saints signed Butler to a two-year, $3 million contract that included $1.5 million guaranteed last season, but was unfortunately among the Saints’ final roster cuts a few weeks ago as they trimmed their roster down to 53 players.
Butler tore his ACL during offseason workouts last year and subsequently missed the entire 2013 season.
This season, Butler has appeared in two games and recorded two tackles for the Colts.
Quarles, 22, was a priority undrafted rookie coming out of South Carolina. He signed on with the Giants before joining the Patriots for a brief stint.
The Colts signed him off of the Patriots’ practice squad back in September. He has appeared in two games and recorded a sack.
In three seasons at South Carolina, Quarles posted 105 tackles (66 solo), 13.0 sacks, 23.5 stops for losses and eight quarterback pressures.