Reuters

Last month, Victor Cruz signed a one-year contract with the Giants. As soon as today, he could be signing a longer-term deal with the club.

Per a source with knowledge of the situation, the Giants and Cruz are very close on a multi-year agreement.

Due to earn $2.987 million in 2013 as a restricted free agent, Cruz will make much more than that in 2013 and beyond. With Cruz wanting in the range of $10 million per year and the Giants previously offering an annual amount in the $7 million neighborhood, don’t be surprised if the final number is in the $8.5 million ballpark.

The contract will put Cruz at the top of the slot receiver market, and it would allow the Giants to use the franchise tag on receiver Hakeem Nicks in 2014, absent a long-term contract.

As we’ve previously pointed out, Nicks won’t be using Cruz’s deal as guidance for Nicks’ contract. Nicks will instead be looking at the deals given to “outside” receivers like Mike Wallace, Larry Fitzgerald, and Calvin Johnson as the benchmarks, primarily since they’re all making much more than Cruz will be earning from the slot position.