If the option is used, Tannehill would earn nearly $16 million in 2016.
"We like the player a lot. Our hope and expectation is he'll be here for a long time," Dolphins vice president of football operations Mike Tannenbaum said. "When a long-term deal gets done, I don't have a timetable right now."
The option must be utilized by May 1.
Dolphins owner Stephen Ross confirmed the team's interest when he said Monday he would like to discuss a long-term contract with Tannehill this offseason, reports the Palm Beach Post.
The Dolphins can save $6.9 million by cutting Wallace in the offseason, but his quarterback has his back.
Despite that, Tannehill isn't sure if Wallace will return.
"I like Mike," he told the Palm Beach Post. "He’s a talented player and we’ll see what happens. It’s tough to lose a guy that works hard day in and day out at practice, but at the end of the day it’s a reminder that it’s a business. It doesn’t matter the kind of player you are or the type of relationship you have, it comes down to numbers."
"We feel really good about Ryan," Hickey said. "The market is what it is. We're excited about his future as our quarterback."
Tannehill is due $660,000 in 2015, plus a $1.5 million roster bonus. He set career highs in passing yards (4,045) and passing touchdowns (27) while throwing a career-low 12 interceptions last season. He has yet to make an appearance in the postseason.
The paper said the general idea is a $15 million annual salary with only the first two years guaranteed.
Miami has three options regarding Tannehill, per the paper. The team can let him play out the last year of his contract at $2.1 million and allow him to hit free agency; pick up his fifth-year option for 2016 at roughly $15 million, money that would be guaranteed in case of injury; or negotiate an extension.
Tannehill set career highs in passing yards (4,045) and passing touchdowns (27) while throwing a career-low 12 interceptions last season. He has yet to lead the Dolphins to the playoffs.
"We're excited about what Ryan has brought to the Dolphins," Hickey said. "We're excited about his future with the Dolphins."
The paper said the team must decide whether to negotiate a long-term contract extension with Tannehill "or simply exercise a one-year injury guarantee option that extends Tannehill through the 2016 season."
Tannehill is due $660,000 in 2015, plus a $1.5 million roster bonus.
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