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Free agency kicks off and Wallace has the ball

The so-called free agency War Room at the Dolphins training facility has been buzzing much of the day, according to a source who has seen the activity. And much of the buzz and anticipation has been surrounding the Dolphins making a fast and bold dive into free agency by landing you know who.

Mike Wallace.

Barring a major upset that the Dolphins are not expecting but still not 100 percent certain cannot happen at the last moment, the club expects to land the Pittsburgh Steelers free agent wide receiver by Wednesday the latest.

There has been contact between the Dolphins and Wallace for days.

That contact is supposed to be bear fruit starting now.

The Dolphins and Wallace's representative have been talking about a $5-year deal throughout that time. The deal will likely reach $60 million. Wallace wants more. Guaranteed money is an issue.

Wallace wants $30 million in guaranteed money per source familiar with the talks.

No, this is quite done yet.

Stay here for updates.

[UDPATE: Reggie Bush's departure from the Dolphins has begun with him setting up visits. First visit will be Detroit. I'd be surprised if it doesn't get done there, but there is also a chance he could visit Arizona. Bush already knows he will get somewhere north of $3 million per season.]

[UPDATE: The Dolphins are juggling as they are showing interest in Titans TE Jared Cook. The Titans have moved on from Cook as they are expecting to sign San Francisco's Delanie Walker. Cook will be expensive.]

[UPDATE: TE Anthony Fasano has agreed to a four-year contract in principle with the Kansas City Chiefs, according to ESPN. I'm happy for him because that'll be a good upgrade for the Chiefs and it means the Dolphins will be upgrading, or at least making moves to upgrade that position.]

[UPDATE: Chris Clemons is signing a one-year deal with the Dolphins, according to agent Drew Rosenhaus.]

[UPDATE: Left tackle Jake Long will visit the St. Louis Rams, according to ESPN and NFL.com]

[UPDATE: Dolphins showed interest in Rashard Mendenhall but that has cooled a bit. He's already setting up visits with other teams ahead of Miami.]