Mike Wallace agrees to deal with Dolphins, according to report

Matthew Emmons-USA TODAY Sports

The Miami Dolphins signed Mike Wallace to a five-year deal worth $65 million.

Free agent wide receiver Mike Wallace didn't take long to find a new team, as he agreed to a five-year contract with the Miami Dolphins, according Omar Kelly of the South Florida Sun-Sentinel.

The Dolphins spent big on Wallace. The receiver signed a five-year deal worth $65 million that included $30 million in guaranteed money.

The Dolphins were rumored to have high interest in Wallace, dating back to the regular season. Many considered him to be their top free-agent priority. Wallace was in Miami on Tuesday ahead of the start of free agency and the two sides didn't take long to agree to a deal.

The 26-year-old Wallace should provide a nice boost to the Dolphins' wide receiver corps. He has at least 756 receiving yards in each of his four NFL seasons. Known as one of the best deep threats in the NFL, Wallace was originally a third-round pick of the Steelers in the 2009 NFL Draft.

While Wallace was arguably the top wide receiver on the free agent market, he isn't coming off the best season of his career. Wallace averaged 13.1 yards per reception last season, the lowest total of his career.

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