Former New England Patriots receiver Wes Welker has agreed to terms with the Denver Broncos according to a source via Albert Breer of NFL.com. Breer reported the deal is worth $12 million -- more than the Patriots bid.
Broncos VP John Elway confirmed the two-year deal via Twitter.
Welker, 31, finished with a team-high 118 catches, 1,354 yards and six touchdowns in 2012. He also became the first NFL player to produce five 110-catch seasons in 2012, while averaging 112 receptions in his six seasons with the Patriots.
The Patriots reportedly opted to reduce their salary cap numbers among their receivers, including Welker.