The Packers have until March 2 to decide whether to use the franchise tag on Cobb, who enjoyed his best season of his career in 2014. The fourth-year veteran appeared in all 16 games, catching 91 passes for 1,287 yards and 12 touchdowns. He was second on the team behind Jordy Nelson with 126 targets, and also made his first Pro Bowl.
Cobb, 24, is due to hit free agency in March after making a $812,648 base salary in 2014, the last year of his rookie contract.
The Packers aren't expected to franchise Cobb, whose $9 million price tag is similar to what Nelson received last year when he signed a four-year, $39 million extension. New York Giants receiver Victor Cruz, who was limited to six games in 2014 because of a torn patellar tendon, also signed a similar five-year, $43 million extension in 2013.
The Packers are expected to have about $23 million in cap space come March, according to ESPN.com.
Green Bay finished 12-4 last season before losing to the Seattle Seahawks in the NFC Championship.
- Mike Fiammetta