According to ESPN's Adam Schefter, a 5 year deal between Mike Wallace and the Dolphins is very likely to come to pass. Schefter also reports the deal could be worth reportedly north of 10 million dollars per season.
Dolphins and Mike Wallace are negotiating a five-year deal that one source familiar with the talks said is "very, very likely" to get done[Update, Mike Saver] now it appears that Wallace has officially signed with the Dolphins.
— Adam Schefter (@AdamSchefter) March 12, 2013
. @jeffdarlington reports Mike Wallace has reached agreement with Dolphins. Roughly $30 million guaranteed. Bam. #freeagency
— NFL: AroundTheLeague (@NFL_ATL) March 12, 2013
The Patriots will now have to face the speedy Wallace twice a year. Will the Dolphins overtake the Jets as biggest thorn in our side but not really that big of a threat?