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Greg Jennings still could receive Packers' franchise tag

Impending free-agent wide receiver Greg Jennings was adamant in a December appearance on NFL Network's "NFL AM" that a return to the Green Bay Packers under the frachise-tag designation would be unwelcome.

Packers general manager Ted Thompson might put that sentiment to the test. NFL.com's Ian Rapoport tweeted the Packers now are considering the franchise tag for Jennings, according to a source with knowledge of their plans.

Unofficial list of free agents
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Expectations for Jennings' market value are all over the map. ESPN Twin Cities heard at the NFL Scouting Combine on Saturday that Jennings is seeking an unrealistic $14 million per season. While there has been speculation that Jennings could return to the Packers at a reduced rate if his market bottoms out, agent Eugene Parker is under the impression that the receiver will be in high demand.

Jennings would cost the Packers $10.4 million under the franchise tag. With new contracts on the docket for Clay Matthews, B.J. Raji and perhaps Aaron Rodgers, it's hard to imagine Thompson devoting a significant portion of the Packers' 2013 salary cap to Jennings in what's already a deep wide-receiver corps.

Perhaps a sign and trade is in play. Thompson would need assurance that a trade is in place before relying on that mechanism.

Follow Chris Wesseling on Twitter @ChrisWesseling.

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