UPDATE | The Miami Dolphins announced Wednesday that the organization has acquired Tyreek Hill in a trade in exchange for a package of five draft picks.
The Chiefs confirmed the trade details via Twitter.
UPDATE | The Kansas City Chiefs are trading wide receiver Tyreek Hill to the Miami Dolphins,according to ESPN's Adam Schefter.
The Chiefs will receive five draft picks in exchange for Hill: a 2022 first-round pick (No. 29), a second-round pick (No. 50) and a fourth-round pick as well as a fourth-round pick and a sixth-round pick in the 2023 draft.
According to Schefter, Hill's new contract will make him the highest-paid wide receiver in the NFL.
Schefter said the Dolphins are giving Hill a four-year, $120 million extension with $72.2 million guaranteed at the start of the 2023 league year and another $52.535 million fully guaranteed at signing.
The New York Jets offered the Chiefs two second-round picks and a third-round pick in the 2022 NFL Draft in exchange for Hill and the Chiefs third-round pick (No. 103), according to Schefter.
ORIGINAL STORY | The Kansas City Chiefs have given wide receiver Tyreek Hill's agent permission to seek a trade, according to NFL Network reporter Ian Rapoport.
Rapoport posted on social media that despite receiving an offer from the Chiefs that would make Hill one of the league's highest-paid receivers, extension talks have stalled.
Earlier this month, reports indicated the team was making headway on a contract extension with Hill. The team previously signed Hill in 2019 to a three-year deal worth up to $54 million.
NFL Network reporter Tom Pelissero also said that multiple teams have already engaged in trade talks for Hill.
According to ESPN's Adam Schefter, the New York Jets and the Miami Dolphins are in "serious talks" to trade for Hill. Schefter said that multiple teams were approached about the trade, but in recent days, the Dolphins and the Jets emerged as the two finalists.
"Hill is now likely to wind up as a Jet or Dolphin," Schefter said.
Sources have also told Schefter that both the Jets and Dolphins have trades in place for Hill, and the question is now "where Hill wants to become to highest-paid WR in NFL history."
"Once he decides, the trade is expected to happen; for now, Hill is said to be 'torn'," Schefter said.
Hill's potential trade comes as Green Bay Packers free-agent wide receiver Marquez Valdes-Scantling visits Kansas City, according to Pelissero.
Hill, 28, was drafted in fifth round of the 2016 NFL Draft. During his tenure with the Chiefs, Hill has been named All Pro three times, made the Pro Bow in all six seasons, and was integral in the team's Super Bowl LIV victory over the San Francisco 49ers.
This is a developing story.