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WR Walker close to new $40M deal with Broncos

It took a while, but Javon Walker is finally about to see the money he thought he deserved.

Walker, who threatened to hold out last year in Green Bay, and was traded on draft day to the Broncos, is set to sign an extension with the Broncos sometime this week, possibly as early as Monday, according to a source familiar with the negotiations.

The Broncos and agent Kennard McGuire are finalizing a five-year extension (set to kick in next year) worth about $40 million that includes $15 million in option bonuses, $10 million due in 2007 and the other $5 million due in '08. Walker will play out the final year of his rookie contract this year plus receive a $1 million roster bonus from the Broncos.

When the trade was made, Broncos coach Mike Shanahan had said the team was "fairly close" to agreeing on a new deal with Walker.

"We've got the parameters of an agreement," Shanahan said. "It's basically going to be in that six-year time frame. Obviously, there's no contract being signed but we we've talked and we're fairly close."

Walker will make close to $25 million in salary and bonuses over the first three years of the deal (2007-09), making him one of the highest-paid receivers in the game.

Michael Smith is a senior NFL writer for ESPN.com. Information from The Associated Press was used in this report.