Michael Thomas Rumors: Saints Closing in on Contract Extension amid Holdout

Wide receiver Michael Thomas and the New Orleans Saints are expected to reach an agreement on an extension "soon," according to Mike Florio of Pro Football Talk.

Florio reported Friday that the two sides were "close" to reaching a deal.

As the 2016 second-round pick enters the final year of his rookie deal, Thomas has been holding out from training camp as he seeks a new deal. Ian Rapoport of NFL Network reported last week that the two-time Pro Bowler wants to be the highest-paid receiver in the league, seeking an average annual value of $20 million:

Florio noted that New Orleans has been willing to go into the $19 million AAV range. Cleveland Browns star Odell Beckham Jr. currently holds the highest AAV among receivers at $18 million. 

Saints general manager Mickey Loomis discussed Thomas' contract situation during an appearance on SiriusXM NFL Radio on Monday:

"It's always been the business of football," Loomis said. "I'd like to be able to say, 'Hey, we're close, we're not close.' These things, it's not always just financial. There's structure and there's guarantee. There's a lot of moving elements. Hopefully we'll get this resolved fairly quickly, but not yet."

Last week, Charles Robinson of Yahoo Sports reported last week Loomis had grown frustrated with the negotiations:

Thomas has been among the most productive wideouts in the NFL since he debuted in 2016. He has started his career with three consecutive 90-catch, 1,100-yard seasons. His numbers have steadily increased with each passing season, as he led the league with 125 receptions last year for 1,405 yards and nine touchdowns.

Per Pro Football Reference, he tops all players in receptions (321) and is fifth in receiving yards (3,787) since entering the league.