Rapoport also reports not to expect Thomas at Denver's training camp if he and the team have not worked out a new deal by then.
The Broncos have until July 15 to sign Thomas to a long-term extension per NFL rules. The receiver is set to earn $12.8 million in 2015.
Thomas has not missed a game in the last three seasons for Denver. The 27-year-old had 111 catches last season for a career-high 1,619 yards and 11 touchdowns.
A former first-round draft pick in 2010, Thomas has 41 career touchdowns and 5,317 yards in five seasons. He caught three touchdowns in the Broncos' run to Super Bowl XLVIII.
Denver finished 12–4 before losing to the Indianapolis Colts in the divisional round of the playoffs.
- Molly Geary