The New England Patriots will place their franchise tag on wide receiver Wes Welker by Monday's 4 p.m. ET deadline, a league source told ESPN NFL Insider Adam Schefter.
The tag is estimated to be $9.4 million and will restrict Welker from fully experiencing unrestricted free agency. Welker, who turns 31 on May 1, has played out the five-year contract he signed with the Patriots in 2007.
The Boston Globe reported Monday that the Patriots offered a two-year pact during the 2011 season that averaged $8 million per year, which was rejected. Sources told ESPNBoston.com's Mike Reiss that contract talks with Welker have been on and off since the fall, but were slow prior to the NFL combine late last month.
Welker, 30, led the NFL with 122 receptions in 2011 but he failed to catch a long pass from Tom Brady in the fourth quarter of Super Bowl XLVI that would have put the Patriots in the red zone and might have allowed New England to put away the game, causing him to say he "let the team down."
Welker's 554 receptions since 2007 lead the NFL, 80 more than Brandon Marshall's second-highest total.
He and Cris Carter are the only players with two seasons of more than 120 receptions. Besides his 120-catch 2011 season, he had 123 receptions in 2009.
This marks the eighth time the Patriots have utilized the franchise tag since 2002. In each of the last two seasons, the tag has been used as a vehicle to buy more time in contract talks that ultimately ended with extensions for defensive lineman Vince Wilfork (2010) and offensive lineman Logan Mankins (2011).
Part of what makes Welker's free-agent status unique is that he's not the prototype No. 1 receiver, but is a perfect fit for the Patriots' system, so he arguably has more value to New England than other clubs.
Welker's age is also a consideration in terms of how long the Patriots might be comfortable extending his contract. In past years, the Patriots have preferred shorter-term deals (3 years or less) with 30-year old receivers, with Randy Moss and Chad Ochocinco two of the prime examples.
Information from ESPN NFL Insider Adam Schefter, ESPNBoston.com's Mike Reiss and The Associated Press was used in this report.
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