Earlier this week, Rapoport reported the Dolphins granted Landry and his representatives permission to pursue and facilitate a trade.
Though Landry is intending to sign the tag, the belief is a trade will be able to happen.
The development comes after Landry explained earlier on Saturday -- via a 10-minute video titled "Juice" -- that it's unlikely he plays under the tag.
"The team decides to exercise the franchise tag. I'm considering not playing on it," the wide receiver said. "The franchise tag is not a good deal for me. In my case I've played four years. Then you get another year of basically not signing me to a long-term deal. In that year anything can happen. Look at guys like Ryan Shazier, who may not have an opportunity to play again.
"He's fighting a battle to just walk again. I'm at the point where taking care of my family is the most important thing for me. I put my body on the line for years. I've sacrificed my time and my life to make sure that I have this opportunity."