While yet to be official, Jim Wexell is reporting via Twitter that the Pittsburgh Steelers have come to terms with restricted free agent wide receiver Mike Wallace on a new five-year deal worth $42 million, of which $20 million is guaranteed. Wexell is citing a report by Channel 11 in Pittsburgh as his source.
More as I get it on this breaking news the day before the team reports to Latrobe for training camp.
ETA: Wexell has now pulled down his tweet citing he has been unable to confirm the report.
Wexell now admits he was duped on the report, so as it stands right now, no new deal yet for Wallace.
Apparently "someone pulled a fast one on me" is what my source is saying. Sorry, no Wallace signing.
— James C Wexell (@jimwexell) July 24, 2012