Landry has played in 64 games with 57 starts over his four-year NFL career and the three-time Pro Bowler topped the NFL with a team-record 112 receptions for 987 yards (8.8 average) and a career-high nine receiving touchdowns last season.
Landry has totaled 400 receptions for 4,038 yards (10.1 average) and 22 touchdown catches for his career. His 400 receptions are the most for any player in his first four NFL seasons.
Miami and Landry will try to come to terms on a long-term deal but the 25-year-old can still sign an offer sheet with another team. The Dolphins would receive two first-round picks from Landry's new team should Miami choose not to match the offer sheet.
Landry will reportedly earn close to $16 million this season.