Tuesday July 29th, 2014

UPDATE: Peterson tweeted late Tuesday night he signed a five-year contract extension with the Cardinals worth up to $70 million.

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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. 

More: Sherman uses Super Bowl Ring to end Twitter fight with Peterson

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. 

More: Cardinals linebacker John Abraham charged with DUI

Peterson grabbed three interceptions and made 42 tackles in 2013. 

- Molly Geary and Will Green

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