UPDATE: Peterson tweeted late Tuesday night he signed a five-year contract extension with the Cardinals worth up to $70 million.
The Arizona Cardinals and cornerback Patrick Peterson are close to a deal on a new contract, according to Rand Getlin of Yahoo Sports.
Getlin said there are "still hurdles to clear" before a contract is signed, but there's a "good chance" it gets done shortly.
Peterson has been named to the Pro Bowl in each of his first three NFL seasons, as a kick returner in 2011, and as a cornerback in 2012 and 2013. He still has two years remaining on his rookie contract but has been negotiating with Arizona about a possible extension.
In May, Peterson made headlines when he said that he is worth more than Richard Sherman's four-year, $57 million extension.
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On Monday, Cardinals coach Bruce Arians said that Peterson will be concentrating solely on the defensive side of the ball this season, and will see limited punt-returning duties.
In 2011, Peterson set the record for the most punt return yards by a rookie in one season.
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Peterson grabbed three interceptions and made 42 tackles in 2013.
- Molly Geary and Will Green