Mike Wallace On Trade Block?

11:14am: As expected, Armando Salguero of the Miami Herald, who cited a Dolphins source in shooting down La Canfora’s initial report, has done the same today, tweeting that the Dolphins haven’t spoken to anyone about Wallace, before or during this week’s league meetings. La Canfora clearly has at least one source who says otherwise, but as I noted below, Wallace’s contract makes a trade virtually impossible for now, so I doubt he’s going anywhere anytime soon.

10:45am: About a month ago, Jason La Canfora of CBSSports.com reported that the Dolphins were gauging the trade value of a few notable players, including wide receiver Mike Wallace. The report was quickly and unequivocally shot down by the team, but La Canfora has doubled down today, tweeting that Miami has “renewed attempts” to trade Wallace during this week’s league meetings.

Considering the Dolphins moved quickly to deny the first round of trade rumors involving Wallace, Cameron Wake, and Dion Jordan, it wouldn’t be a surprise if the team did so again this time around — after last month’s strong denials, not responding to this report might essentially confirm that the club has interest in trading Wallace.

Either way, there are some reasons why the Dolphins could have interest in a deal. A new decision-making group is in place this offseason, led by GM Dennis Hickey, and with several holes still to fill on the roster even after adding a few free agents, the team might be better off using the cap space and/or draft picks created in a Wallace deal on multiple players.

Still, the Dolphins are just one year removed from signing Wallace to a huge long-term deal, and the club’s receiving corps would be pretty thin without him. According to La Canfora, teams are “doing homework” on Wallace, whose contract would make him a tough piece to move. The 27-year-old has a base salary of $15MM for 2014, and there aren’t many clubs who would still be able to take on that amount, even if they had interest. Considering the apparent lack of trade interest in DeSean Jackson, who has a base salary of $10.5MM, I’d be pretty surprised if there was a taker out there this offseason for Wallace, whether or not the Dolphins are actively looking for one.