Landry was franchised by the Dolphins last month and can now be traded as early as Wednesday, which is when the league's new year begins. No such deal is close, per the Miami Herald, although the Baltimore Ravens and Chicago Bears reportedly have expressed interest in trading for Landry.
The deadline for any club to sign a player placed on the franchise tag to a multi-year deal is July 16.
Landry was not keen on signing the franchise tag, per earlier media reports. The 25-year-old reportedly planned to hold out while he bid for a long-term contract.
"The team decides to exercise the franchise tag. I'm considering not playing on it," Landry said to the South Florida Sun-Sentinel last week. "The franchise tag is not a good deal for me."
Miami reportedly has offered the three-time Pro Bowl selection a long-term deal with an average of $13 million per season, according to the newspaper.
According to the Sun-Sentinel, Landry is seeking a contract that is on par with the one received by Davante Adams in December. The Green Bay Packers wideout signed a four-year, $58 million contract that includes an $18 million signing bonus. The pact pays Adams $32 million in the first two seasons.
Landry led the league in receptions (112) and amassed 987 yards and a career-high nine touchdowns last season.
He has 400 career receptions for 4,038 yards with 22 touchdowns since being selected by Miami in the second round of the 2014 NFL Draft. His 400 receptions are the most for any player in his first four NFL seasons.