Update:

According to Bill Huber of PackersReport.com, the Oakland Raiders are considering offering free agent WR Randall Cobb a “blockbuster deal.”

Huber mentions that at least one team is willing to offer Cobb an annual salary of $11 million.

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Bob McGinn of the Milwaukee Journal Sentinel reports that the Packers have told free agent WR Randall Cobb that they’re willing to offer him a five-year contract that would pay him an annual salary of between $8 million to $9 million.

However, Cobb’s agent, Jimmy Sexton, told Green Bay that he’s confident they can secure more lucrative offers once the legal tampering period opens this weekend.

“Sexton does a good job for his players,” an executive in personnel for an NFL team said. “He measures the market well and knows how to create a market for his clients as well.

“For Randall, it’s perfectly timed. He had a very good season. Making it tougher for the Packers is the franchise tags that were used at the position.”

McGinn mentions that the two sides have been negotiating an extension for the past six months, but he writes that “barring the unexpected, and keeping in mind that the unexpected often occurs in NFL contract talks, it appears as if Cobb will be playing elsewhere next season.”

The Jaguars and Raiders are both expected to be in the mix for Cobb in the coming days.

Personnel people around the league are “convinced” that Cobb will secure a deal that will pay him between $9 million and $10 million. McGinn wouldn’t be shocked to see him ultimately end up with a five-year deal averaging between $12 million – $13 million that includes over $30 million guaranteed.

Cobb, 24, played out his four-year, $3,209,421 rookie contract and is clearly in position for a sizable raise this offseason.

In 2014, Cobb caught 91 passes for 1,287 yards receiving and 12 touchdowns. He also contributed as the team’s punt returner this year. Pro Football Focus has him rated as the No. 9 wide receiver out of 110 qualifying players.

We have Cobb listed as the No. 6 player in our Top 100 Free Agents list.