The Browns and three-time Pro Bowl slot receiver Jarvis Landry are close to finalizing a long-term contract worth more than $15 million per year, a person familiar with the deal confirmed Thursday.

ESPN first reported the news. Landry's new deal will be for five years and worth $75.5 million with $47 million guaranteed, according to NFL Network.

On March 9, new Browns General Manager John Dorsey traded a fourth-round draft pick (No. 123 overall) this year and a seventh-round selection next year to the Miami Dolphins for Landry.

The Dolphins used their franchise tag on Landry this offseason, meaning he was scheduled to play the 2018 season on a one-year contract worth $15.982 million guaranteed. But once the Browns traded for him, they intended to secure him long term, and after seeing other moves Dorsey made, Landry seemed open to a major commitment despite the team going 0-16 last season.

"We are bound to make a splash here," Landry said last month.

Landry, 25, made the Pro Bowl in each of the past three years, twice as an alternate, and led the NFL with 112 catches last season. No player in league history has more receptions in his first four seasons than Landry’s 400. Anquan Boldin is second on the list with 58 fewer catches. Landry also eclipsed 1,000 receiving yards in 2015 (1,157) and 2016 (1,136).

Now Landry's average annual salary of $15.1 million per year will rank fifth among all NFL receivers, according to the contract tracking website Spotrac.com.

The top four are the Pittsburgh Steelers' Antonio Brown ($17 million), the Tampa Bay Buccaneers' Mike Evans ($16.5 million), the Houston Texans' DeAndre Hopkins ($16.2 million) and the Kansas City Chiefs' Sammy Watkins ($16 million). The Cincinnati Bengals' A.J. Green ($15 million) will be one spot behind Landry on the list.

In terms of guaranteed money, Landry's $47 million will be tied for third with the Atlanta Falcons' Julio Jones and behind only Evans ($55 million) and Hopkins ($47 million). The Dallas Cowboys' Dez Bryant ($45 million) will be right behind Landry.

Of those receivers, Landry, 5-foot-11 and 208 pounds, is the only one who primarily plays in the slot.

But the Browns' big investment isn't a surprise. They have been gushing about Landry ever since Dorsey traded for him.

"He has marvelous stats," Dorsey said last month. "He has a presence about him and the way he plays the game. I think he will be ideal in the slot receiver position.

"He’s one of those guys that we consistently talk about — are they competitive, do they love the game of football? I think he fits that model."

After going 1-31 the past two seasons, Browns coach Hue Jackson said key transactions Dorsey has executed this offseason, specifically trading for Landry and former Buffalo Bills quarterback Tyrod Taylor, have restored his confidence.

"His nickname is Juice, Juice Landry," Jackson said last month. "He does have juice. He’s a tremendous football player. Obviously, his stats speak for themselves. He’s a proven football player in the building who has a lot of intensity and a lot of pride about what he does."