"We love what Mike has done for us," Loomis said. "He is a fantastic player and one of the best at his position. Hopefully we can keep him with the Saints for a long time as well."
Thomas, 26, joined the Saints in the second round of the 2016 NFL Draft. The 6-foot-3, 212-pound pass-catcher was an All-Pro for the first time in 2018, making an NFL-high 125 catches for 1,405 yards and nine scores in 16 starts.
Thomas pulled in 104 grabs for 1,245 yards and five scores during his sophomore campaign. The Ohio State product is averaging 107 receptions for 1,262 yards and 7.77 touchdowns through his first three seasons.
Thomas was the No. 2 wide receiver in the NFL last season, according to Pro Football Focus, trailing only Houston Texans star DeAndre Hopkins. The star wide receiver has a $1.14 million base salary and is entering the final year of his rookie contract.
If Thomas doesn't receive a new deal, he could get the franchise tag next off-season, which would likely carry a salary exceeding $17 million for wide receivers in 2019.