Miami Dolphins Negotiating With WR Mike Wallace

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December 9, 2012; Pittsburgh, PA, USA; Pittsburgh Steelers wide receiver Mike Wallace (17) runs with the ball after a pass reception against the San Diego Chargers during the first quarter at Heinz Field. Mandatory Credit: Charles LeClaire-USA TODAY Sports

The Miami Dolphins were rumored to be the favorites to pursue free agent wide receiver and Pittsburgh Steelers Mike Wallace. They apparently aren’t wasting any time getting involved right after the free agent period opened.

According to ESPN NFL Insider Adam Schefter reports that the Dolphins and Mike Wallace are currently negotiating a 5 year contract.

“Dolphins and Mike Wallace are negotiating a five-year deal that one source familiar with the talks said is “very, very likely” to get done,” Schefter tweeted.

Schefter said on the deal is a match and that the money will be well north of $10 million a year. This might take them out of the running to resign LT Jake Long and RB Reggie Bush.

“Dolphins left tackle Jake Long is scheduling a visit to St. Louis for tonight. The Eagles, Bears and Dolphins also are interested,” Schefter says.

Schefter also added that the Dolphins are interested in TE Jared Cook.

“Miami also making major push to sign Titans free-agent TE Jared Cook,” Schefter tweeted.

That takes a big deep threat off the market quickly and could drive up the price for other wide receivers on the market like Danny Amendola and Wes Welker.

They seem to be determined to amass weapons for young quarterback Ryan Tannehill.