Those talks are under way.
"We've had some conversations, and I like keeping that close to the vest until there's something to report, but look, we love what Mike's done for us," Loomis said. "He's a fantastic player, one of the best at his position in the league, and hopefully we can keep him a Saint for a long time as well."
The Saints go-to receiving target, Thomas has become one of the most consistent threats in the entire NFL, compiling 1,000-plus yards and a least 90 catches each of his first three seasons in the league. As Drew Brees' security blanket, the 26-year-old wideout is coming off a 125-catch, 1,405-yard season.
A second-round pick in 2016, Thomas enters the final season of his rookie contract, set to make $1.148 million -- peanuts compared to his worth. There is little doubt the Saints would like to keep their No. 1 target happy and paid. If it doesn't happen in the next few months, however, the franchise tag seems likely for the star receiver.