Wake remains under contract for the 2016 campaign, but salary cap issues have the Dolphins seeking avenues to free up some money in the offseason.
A $9.8-million salary cap number is likely on the high end of what the Dolphins would be willing to allocate to a 34-year-old defensive end coming off a torn Achilles.
With fellow defensive end Olivier Vernon a candidate for the franchise tag, Miami would almost certainly prefer both players return via an extension that lowers Wake's cap figure.
Should negotiations go nowhere, it's possible the Dolphins could opt to part ways with the standout pass rusher, in which case they would take on $1.4 million in dead money, but save $8.4 million.
Wake, a former CFL standout, has spent his entire seven-year NFL career with the Dolphins. He's been one of the league's most dominant edge defenders, recording 70 sacks and earning four trips to the Pro Bowl.