The New England Patriots will place their franchise tag on wide receiver Wes Welker by Monday’s 4 p.m. ET deadline, a league source told ESPN NFL Insider Adam Schefter.

The tag is estimated to be $9.4 million and will restrict Welker from fully experiencing unrestricted free agency. Welker, who turns 31 on May 1, has played out the five-year contract he signed with the Patriots in 2007.