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Dolphins rumors: Wallace could be traded, Clay close to re-signing

According to a report, the Miami Dolphins are actuvely shopping wide receiver Mike Wallace, and tight end Charles Clay is close to returning to the team.

Steve Mitchell-USA TODAY Sports

The Miami Dolphins may be close to getting rid of one pass catcher while bringing back another. According to the South Florida Sun-Sentinel's Omar Kelly, sources have said the Dolphins are "definitely trying to trade" wide receiver Mike Wallace. The same report adds that the club is "on the verge of re-signing" tight end Charles Clay.

Kelly also explained that there are "a handful" of teams looking to grab Wallace, and that the receiver, who is owed $9.85 million in base salary this year, is willing to restructure his contract if he lands with "the right team." If the Dolphins were to trade Wallace, they would have $6.6 million count as dead money against their salary cap, but would free $5.5 million in space.

An interesting team to watch in this situation could be the Minnesota Vikings. It has been widely reported that Minnesota actually outbid the Dolphins for Wallace's services two years ago, but Wallace wanted to play in Miami. Could the Dolphins and Vikings look to make a deal that sends Wallace to Minnesota for running back Adrian Peterson? Both players have huge cap numbers, but if they would be willing to restructure the contracts, it could be mutually beneficial for both franchises.

Of course, that is wild speculation, without any specific rumors circulating it as of now. The Clay part of Kelly's report might be more interesting. Leading up to the start of the free agency period, rumors indicated the Buffalo Bills were set to make Clay an offer that Miami would be hard pressed to match. Miami, who placed the transition tag on Clay and, therefore, have the right to match any offer Clay signs, would like to bring back Clay, but, with the limited amount of cap space they have this season, might not be able to make it work.

After free agency began, Clay's first visit was to the Bills. Speculation increased as reports said Clay was looking at housing areas around Buffalo. Then, suddenly everything went quiet. Clay left Buffalo without an offer-sheet signed, and actually went to visit the Cleveland Browns. Again, rumors said Cleveland would make a hard push for Clay, but nothing has materialized. Speculation has again indicated the Bills will make an offer, yet nothing has happened.

While Clay was making his visits, the Dolphins signed free agent tight end Jordan Cameron. The former Cleveland tight end could be Clay's replacement on the Dolphins roster, but now the rumors seem to support Clay and Cameron being paired in the Miami offense in 2015. Could the Dolphins, who signed Cameron to a two-year, $15 million deal, spend the money to have two top end tight ends on the roster?

It appears they are sure going to try.