Graham said it is the team's prerogative to use the tag, but he'd rather not play on the one-year deal.
"If that happens, it doesn't really matter what I prefer," he said.
Graham caught 86 passes for 1,215 yards in 2013 and led the NFL with 16 touchdown receptions -- even though he was battling a nagging foot injury.
Graham was mum about his future contract desires, but reiterated his abhorrence for the tag.
"I'm not keen on the franchise tag, that would be really unfortunate, but that is really all I have to say about that one," he said.