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As the deadline for applying the franchise tag approaches, a player who was tagged in Atlanta two years ago has been the subject of much speculation regarding whether he’ll be tagged again.

Per a league source, the Dolphins are not expected to apply the franchise tag to cornerback Brent Grimes. However, it’s currently believed to be more likely than not that Grimes signs a new contract to remain in Miami.

Last year, Grimes signed a one-year, $5.4 million contract with the Dolphins, a year after being tagged by the Falcons. Grimes had ruptured an Achilles tendon in Week One of the 2012 season. He started all 16 games in 2013, becoming one of the bright spots on defense in Miami.

For this year, the franchise tag for cornerbacks has climbed to $11.834 million. That’s apparently too much for the Dolphins to pay to a 30-year-old cornerback on a one-year deal — especially since the tag wouldn’t be an option for 2015. Because he was tagged in 2012, application of the tag now would compel the Dolphins to pay Grimes quarterback money next year or a 44-percent raise over his 2014 salary (i.e., $17.04 million), whichever is greater.

Instead, the Dolphins will try to work out a multi-year contract to keep Grimes in Miami.