Update: Ledbetter is now reporting that a deal has not been reached.
Grimes, 29, played last season under the franchise tag worth $10.281 million. In the season-opening win over the Kansas City Chiefs, Grimes suffered a torn Achilles' tendon that ended his season after just 52 plays. Grimes' injury may have prevented him from hitting the jackpot on the free agent market. Instead of moving on, Grimes now has a season to prove that he's healthy and could secure a lucrative deal next offseason if he plays at the same level that earned him a Pro Bowl nod in 2010.
Grimes is expected to be healthy in time for training camp.
In 59 career games, the Shippensburg University product has 13 interceptions and 56 passes defensed. With the release of Dunta Robinson, Grimes will resume his starting role opposite Asante Samuel in the Falcons' secondary.