Update:

Mike Giardi also reports that CB Malcolm Butler and his camp are “extremely frustrated” by the Patriots’ position and the decision to sign Gilmore, which is why they’re courting offers with other teams. According to Giardi, Butler “wants new home.”

Ben Volin considers a trade involving Butler to be much most likely than a team signing him to a big deal and giving up a first-round pick in the process. Although, Butler would have to sign his restricted tender to facilitate a trade out of New England.

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According to Jason La Canfora, the agent for Patriots restricted free agent CB Malcolm Butler is contacting teams in an attempt to find one willing to part with a first-round pick sign his client to an offer sheet.

Butler’s a great player, but it will be tough to find a team willing to part with a first-round pick and sign him to a long-term extension. Butler is believed to be seeking a similar contract to the five-year, $65 million deal with $31 million fully guaranteed CB Stephon Gilmore just got from the Patriots.

La Canfora mentions that the Patriots would be fine collecting a first-round pick and allowing Butler to move on, especially now that they traded their round one selection to the Saints for WR Brandin Cooks.

Butler’s name actually came up in trade talks with the Saints, but given that he has yet to sign his restricted tender, he could be included in the deal. Although, Adam Schefter of ESPN later reported that there is still a chance that the Saints and Patriots still could discuss a trade later on Butler.

The Patriots placed a first-round tender on Butler a few days ago that will cost them $3.91 million for the 2017 season and net them a first-round pick if he receives an offer sheet from another team and they elect to pass on matching it.

Butler, 27, wound up signing on with the Patriots as an undrafted free agent out of West Alabama back in 2014. He played out the final year of his rookie contract.

In 2016, Butler appeared in all 16 games for the Patriots and recorded 63 tackles, one sack, four interceptions, two fumble recoveries, a forced fumble and 17 pass defenses. Pro Football Focus has him rated as the No. 7 cornerback out of 112 qualifying players.

We’ll have more regarding Butler and the Patriots as the news is available.