Report: Broncos WR Demaryius Thomas offered five-year extension

If an extension isn't reached with Demaryius Thomas, the Broncos could put the $12.3 million franchise tag on the 26-year-old two-time Pro Bowler. (Colorado Springs Gazette/Getty Images)

Broncos wide receiver Demaryius Thomas was offered a five-year extension this week, Troy E. Renck of the Denver Post reported.

General manager John Elway has repeatedly said he wants to get deals settled for Thomas and receiver Julius Thomas before training camp in July. Earlier in the week, it was reported that the two players had been in contract negotiations to remain in Denver.

Both players are currently in the final years of their respective deals. Demaryius led the team in receptions, receiving yards and touchdowns last season, and will make $3.27 million in the final year of his contract this season. If an extension isn't worked out, the Broncos could put the franchise tag of $12.3 million on the 26-year-old two-time Pro Bowler. Julius will make $645,000 this upcoming season. The 25 year-year-old made his first Pro Bowl appearance last year.

SI WIRE: Report: Bruins ownership family proposing stadium to keep Bills in region

Elway said he wants them both of them to remain in Denver for a "long time," according to the report:

"We don't want to do anything once training camp starts. They're both in their last years, and we'd like for them to stay and be Broncos for a long time."

Demaryius and Julius will be getting "huge raises," NFL.com insider Dan Hanzus reported on Saturday. Demaryius will likely make in excess of $10 million annually while Julius, a 2011 fourth-round selection, would likely get somewhere in the ballpark of a $7 million per year average salary. In the past two seasons, Julius caught 186 passes for 2,864 yards and 24 touchdowns.