Landry can now be traded, but no trade is close at this time, a source tells Schefter.
A week ago, ESPN confirmed an NFL Network report that the Dolphins had given Landry's agent permission to seek a trade.
The franchise tag is expected to pay Landry around $16.2 million in 2018.
Landry, 25, led the NFL with 112 receptions last season. He also had 987 receiving yards and nine touchdown catches. He has been selected to the Pro Bowl for three consecutive seasons.