The Jets added the 33-year-old to their roster after his contract with the Philadelphia Eagles wasn't renewed, and he will now link up with former coach Marty Mornhinweg, who is the offensive coordinator for Rex Ryan's side.
Colon told reporters: "Vick speaks for itself. His resume in itself is amazing. He is an outstanding athlete and what he can bring to the table in Coach Mornhinweg's offense is impressive.
"Obviously they have that rapport, they have that relationship that was established in Philadelphia. It is all arrows up when it comes to that situation.
"Competition helps everybody. Bottom line, anytime you have two guys competing for the same spot all it does is heighten the team's effort. It will play out how it is going to play out."
The Jets finished with an 8-8 record in the 2013 season.