MIAMI -- The Dolphins agreed to a contract extension Thursday with Jaylen Waddle that makes him one of the highest-paid wide receivers in the NFL.

The three-year, $84.75 million extension includes $76 million guaranteed, sources told ESPN's Adam Schefter. The $28.25 million average annual value of the extension is the fourth highest in the NFL among wide receivers, while the guaranteed money is the third behind A.J. Brown ($84 million) and Amon-Ra St. Brown ($77 million).

Waddle is now signed through the 2028 season.

Despite playing alongside Tyreek Hill for the past two seasons, Waddle's 3,385 receiving yards rank 13th in the NFL since 2021, and he has recorded the 16th-most receiving yards of any player in their first three seasons.

The No. 6 overall pick in 2021 set a rookie record with 104 receptions and followed that campaign with a career-best 1,356 yards in 2022 in his first season under coach Mike McDaniel. Waddle recorded his third straight 1,000-yard season in 2023 despite missing three games, becoming the first player in Dolphins history to record three consecutive seasons of at least 1,000 receiving yards.

Dolphins general manager Chris Grier said in April that the team felt good about where things were with Waddle's extension. He laughed off the idea that Miami should consider trading Waddle and reaffirmed the team's commitment to keeping him around long term.

"No, as I said in the middle of the season, I have no thoughts of trading Jaylen Waddle," Grier said in February. "We want him here for a long time, and we think he's a big part of our now and our future here. He's a great person on and off the field, and we still think, as good as he is, he still has runway to keep getting better."

Waddle is the second key player of the Dolphins' rebuild over the past five years to sign a long-term extension with the team, joining 2020 first-round pick Austin Jackson. Miami will also seek extensions with Waddle's draft classmates Jaelan Phillips and Jevon Holland as well as quarterback Tua Tagovailoa.

The contract extension was negotiated by Waddle's representation at WME Football.