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Source: WR Jarvis Landry informs Dolphins he'll sign franchise tag

Miami Dolphins wide receiver Jarvis Landry, who was franchised by the team last month, has informed the Dolphins he will be signing his franchise tag, a source tells ESPN's Adam Schefter.

Once Landry signs, he can be traded, but no trade is close at this time, a source tells Schefter. Friday, a source told ESPN's Josina Anderson that Landry is headed toward signing his franchise tag as early as next week.

On Thursday, ESPN confirmed an NFL Network report that the Dolphins had given Landry's agent permission to seek a trade.

The franchise tag is expected to pay Landry around $16.2 million in 2018.

Landry, 25, led the NFL with 112 receptions last season. He also had 987 receiving yards and nine touchdown receptions. He has been selected to the Pro Bowl for three consecutive seasons.