League sources told ESPN and NFL Media that Parker will receive up to $40 million over four years, including $21.5 million in guarantees and an $8 million signing bonus. The extension will keep the wideout with the franchise through the 2023 season, according to the team.
In March, Parker signed a new two-year deal with a team option for 2020. Entering this season under the prove-it deal, he has rebounded from the worst statistical output of his career in 2018.
Parker, playing in his fifth season in the league, has recorded a career-high 882 receiving yards and six touchdowns this year. To this point in the season, he hasn't missed a game for the first time in his NFL career.
The Dolphins selected Parker in the first round (No. 14 overall) of the 2015 NFL Draft out of Louisville. He ranks 15th in team history in career receiving yards (3,099) and 16th in career receptions (218).