NFL Free Agency: Mike Wallace, Dolphins nearing five-year deal, according to report

Gregory Shamus

The Miami Dolphins and Mike Wallace are closing in on a deal.

Mike Wallace and the Miami Dolphins are negotiating a five-year contract, according to Adam Schefter. Wallace has been linked closely with the Dolphins throughout the week, so the news comes as little surprise. The speedster is expected to earn a sizable payday in his contract with Miami:

Wallace would give the Dolphins a much needed deep threat to complement the steady hands of Brian Hartline and Devone Bess. He will also allow head coach Joe Philbin to take the reigns off quarterback Ryan Tannehill a bit more. The rookie played well late in the season, throwing five touchdowns to just one interceptions over the final four games of the regular season.

The Steelers had vague hopes of re-signing Wallace, but money likely became an issue. It became clear early in the offseason that Wallace wanted to be paid among the best receivers in the league. He irked fans and the organization when he staged a contract holdout in training camp. Wallace also didn't produce like many had hoped coming off two straight seasons with over 1,000 yards receiving. In 2012, he had 64 receptions for 836 yards and eight touchdowns.

More in the NFL:

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Victor Cruz wants No. 1 receiver money

Vikings trade Percy Harvin to Seahawks

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