Washington are set to trade Laveranues Coles to his old team, the New York Jets, in exchange for fellow wide receiver Santana Moss.
Moss has a total of 151 receptions for 2,416 yards and 19 touchdowns in his five-year NFL career to date.
But his numbers dropped last season as he produced 45 catches for 838 yards and five touchdowns while struggling with a hamstring injury,
Moss is also regarded as a dangerous punt returner.
Coles will return to the team that drafted him in third round - 78th
overall - of the 2000 draft.
He signed a seven-year, $35m deal as a restricted free agent with Washington prior to the 2003 season.
At the time, his $13m bonus was the richest in Redskins' history and the Jets could not match the contract.
Despite the Skins struggling at quarterback last season, Coles still caught 90 passes for 950 yards and one TD last season.
But Coles and head coach Joe Gibbs have reportedly not seen eye-to-eye on the team's offensive game plan.
Miami have bolstered their defensive line by signing free agent defensive end Vonnie Holliday on a two-year deal.
Holliday will compliment All-Pro defensive end Jason Taylor
and improve a struggling line for the Dolphins.
The 29-year-old spent the last two seasons with Kansas City and was released last month.
He played in nine games with three starts for the Chiefs in 2004, but
missed the final seven games of the regular season with a groin injury.