Panthers WR Smith close to signing three-year extension

The Carolina Panthers and Pro Bowl wide receiver Steve Smith are close to agreeing on a three-year contract extension, a league source said Tuesday morning.

Contrary to an earlier report, the deal is not done yet, but there is an expectation that it could be finalized by the end of the day.

Smith is coming off a resurgent 2011 season in which he caught 79 passes for 1,394 yards and seven touchdowns, helping quarterback Cam Newton immensely in his rookie year.

Follow Jason La Canfora on Twitter @jasonlacanfora.

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