There have been no talks between the team and Thomas' camp for some time, per Rapoport.
Applying the franchise tag to Thomas would cost roughly $13 million. It would also limit the organization's options with Julius Thomas, another impending free agent.
If general manager John Elway manages to keep the Thomas duo in Denver, the most likely scenario is via a long-term deal for Julius and the tag for Demaryius.
That proposed lineup would solidify Manning's offense as one of the NFL's most prolific provided the savvy veteran's body cooperates for a 16-game season.