Having started every game in his first three NFL seasons, Williams clearly has outplayed his four-year, $2.33 million rookie contract.
Agent Hadley Engelhard tells The Tampa Tribune that the Bucs have begun negotiations on an extension as Williams enters a contract season.
"Both sides are thrilled with the way Mike has played," Engelhard said. "Three years, 48 starts, the numbers just speak for themselves. At this point it just makes sense for both sides to negotiate a long-term deal."
Sandwiching a disappointing 2011 season, Williams was runner-up for offensive rookie of the year in 2010 and bounced back with 65 receptions, 996 yards and a team-leading nine touchdowns as Vincent Jackson's sidekick in 2012. The two receivers proved to be among the most dangerous big-play tandems in the league, helping Bucs quarterback Josh Freeman establish single-season franchise records for passing yards and touchdowns.
Stevie Johnson's five-year, $36.25 million contract, signed with the Buffalo Bills last March, should serve as a fitting model for Williams' upcoming deal.
Follow Chris Wesseling on Twitter @ChrisWesseling.