Reports: Miami Dolphins and Mike Wallace have agreed in principle to megadeal

It had long been speculated that former Pittsburgh Steelers speed receiver Mike Wallace was on his way to Miami, and according to several sources, the Dolphins have indeed agreed to terms with the man they hope will greatly improve their passing game. Jeff Darlington of the NFL Network has been hanging out at the Dolphins' facility all day, and reports that pending a physical, the deal is done, and will include about $30 million in guaranteed money. Omar Kelly of the South Florida Sun-Sentinel reports that the deal, believed to be of the five-year variety, will approach $13 million per year.

UPDATE: The NFL Network reports that Wallace will sign his contract at 6:00 p.m. Eastern Time.

[Also: The best potential bargains in NFL free agency]

This adds to a Dolphins offense that was already buttressed in the long term by the five-year, $30.775 million contract with $12.5 million guaranteed. given to receiver Brian Hartline. With Wallace, Hartline, and slot man Davone Bess on board, second-year quarterback Ryan Tannehill should have all the weapons he needs to make a bigger splash in his sophomore NFL season.

[Also: Bears' Brian Urlacher faces uncertain future]

Selected in the third round of the 2009 NFL Draft out of Mississippi, Wallace has developed into perhaps the best downfield target in the NFL, averaging 17.2 yards per catch over four seasons, 235 catches, and 48 starts.

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