The franchise-tag amounts have yet to be announced, but the projection for kickers is $3.56 million. The tag deadline is Monday.
Folk is coming off a career year in which he made 33 of 36 field goal attempts, including three game-winners in the fourth quarter or overtime. He was dubbed "Folk Hero" by coach Rex Ryan, and the Jets obviously didn't want to take a chance on losing him in free agency.
After the season, Folk, who made $780,000 last season on his fourth consecutive one-year contract, said he deserved a long-term deal. By rule, if the sides don't reach an extension by July 15, Folk would play for the amount of the franchise tag.
While Folk probably would be disappointed with a one-year arrangement, it's worth noting that $3.4 million would be more than his combined salary from the previous five seasons.
No kicker received the franchise tag in 2013, but a total of five were tagged in 2012. The market for kickers has been climbing in recent months. On Friday, Graham Gano of the Carolina Panthers signed a four-year deal for a reported $12.4 million.
Folk enjoyed one of the best seasons for a kicker in franchise history, making a team-record 23 straight field goals to start the season. He also recorded a career-high 30 touchbacks.
The last Jets player to receive the franchise tag was linebacker David Harris.