The Denver Broncos and Super Bowl MVP Von Miller are just hours away from Friday's deadline to hammer out an extension, and they reportedly are making solid progress.

Miller, 27, was hit with the franchise tag in February but has said he will not play the 2016 season on that one-year guaranteed deal, which is worth just more than $14 million. The sticking point in negotiations has been the amount of guaranteed money in a long-term deal.

According to reports, however, the Broncos have improved their offer this week and a deal appears likely.

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#Broncos & Von Miller spent the last week making significant progress on the 6-year, $114M offer. I'm told the guarantees now eclipse $70M.

— Ian Rapoport (@RapSheet) July 14, 2016

Denver's offer to Von Miller includes $70 million guaranteed -- $25 million more than Broncos paid QB John Elway during his 16 HOF seasons.

— Adam Schefter (@AdamSchefter) July 15, 2016

From @AdamSchefter and me -latest on Von Miller talks ($70 million guaranteed) and deal poised to be done Friday --https://t.co/BKUrkAQYAz

— Jeff Legwold (@Jeff_Legwold) July 15, 2016

ESPN and NFL.com report Miller and the Broncos have agreed to the framework of a six-year, $114 million deal -- with only the guaranteed money still up for debate. With roughly $70 million guaranteed, Miller would become the highest-paid non-QB in NFL history.

Miller and Denver have until 4 p.m. ET today to reach an extension, as do all players who were franchised.

This past season, Miller had 11 sacks, four forced fumbles and 35 tackles in 16 regular-season games. In the Broncos' three postseason wins, he had five sacks, two forced fumbles and an interception. In his five-season NFL career, he has 60 sacks.