Report: 49ers, Redskins emerge as front-runners to sign Josh Norman

The market for Josh Norman's services appears to be taking shape just one day after the Carolina Panthers' decision to rescind his franchise tag.

The San Francisco 49ers and Washington Redskins are the front-runners to sign the star free-agent cornerback, Ian Rapoport of NFL Network reported Thursday, citing a source.

Norman, a Pro Bowler and first-team All-Pro selection in 2015, was thought to be seeking a long-term deal worth as much as $16 million annually in his previous negotiations with the Panthers.

Each team is discussing a five-year contract, and any completed deal is expected to be worth between $14 million and $15 million per season, reports Adam Schefter of ESPN, citing sources.

San Francisco is one of several teams undoubtedly capable of taking on such a contract at this stage. The 49ers' relative lack of moves this offseason has left the club boasting an NFL-best $52.6 million in space against the cap.

Washington is a significant step behind the 49ers in that regard, with just $12.1 million remaining at its disposal, but the team could conceivably get creative in making a monumental splash.

A report from CBS Sports' Jason La Canfora suggests the Redskins indeed have a "legit" offer on the table to land Norman.

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Though Norman reaching free agency so late in the offseason surprised most of the football world, it may have come at the best possible time for him to cash in.

Coming off a season in which he earned consideration as one of the NFL's top cornerbacks, the 28-year-old appears certain to land a monster contract following what figures to be a highly contested bidding process.