Cowboys coach Jason Garrett said this week that Dallas would not trade Jenkins. But another NFL source familiar with the situation said he believed a trade could be worked out for the right price.
Jenkins has declined to participate in the Cowboys' voluntary organized team activities and would like to be traded.
The Colts already traded for one cornerback this week, acquiring Cassius Vaughn from the cornerback-rich Denver Broncos, and Indianapolis is not through trying to upgrade at the position.
A Colts official declined comment, yet a person connected to the team said Indianapolis has been trying to pry loose Jenkins with an offer that one source said "many teams would think is compelling."
Jenkins is in the last year of his contract at a time when Dallas awarded free-agent cornerback Brandon Carr a $51 million contract and also traded up to the sixth spot in the draft to select cornerback Morris Claiborne.
Within the framework of its roster, Indianapolis' starting cornerbacks likely would be Jerraud Powers and Kevin Thomas.