The Miami Dolphins wasted no time making a splash in free agency, signing wide receiver Mike Wallace to a reported five- year, $65-million contract on Tuesday,

Wallace caught just 64 passes for 836 yards over 15 games with the Pittsburgh Steelers in 2012, but led the team with eight touchdown receptions. The speedy receiver's best season came in 2010, when he finished with 1,257 yards and 10 touchdowns while averaging 21 yards per catch.

"We are pleased to reach an agreement with Mike Wallace," said Dolphins general manager Jeff Ireland. "He has a unique skill set which we believe will be a welcomed addition to our offense. We are looking forward to his contributions to the team."

Originally selected by the Steelers in the third round of the 2009 NFL Draft of out Mississippi, Wallace had 235 receptions for 4,042 yards and 32 touchdowns over his four-year tenure in Pittsburgh. He was also named to the Pro Bowl in 2011.

According to the Miami Herald, the Dolphins also signed free agent linebacker Darnell Ellerbe and released linebacker Karlos Dansby.

Ellerbe was a key member of the Baltimore Ravens' defensive unit during their recent Super Bowl run. He finished second on the team with 92 tackles while adding 4 1/2 sacks.

While financial terms of the deal were not disclosed, the Baltimore Sun is reporting Ellerbe's pact to be worth $35 million over five years.

The decision to cut Dansby comes just three years after signing the former second-round pick out of Auburn to a five-year deal as a free agent in 2010. The 31-year-old linebacker was carrying the highest salary cap number of any player on the Dolphins roster at $8.575 million.

Over 16 games last season, Dansby racked up 134 tackles and one sack.

Additionally, the Dolphins re-signed safety Chris Clemons. Originally selected in the fifth round of the 2009 NFL Draft, Clemons started all 16 games for Miami last season and had a career-high 98 tackles. The Clemson product also came up with two interceptions and four passes defensed.

"We are also happy to announce an extension with Chris," said Ireland. "He has been a valuable contributor to the team the last four years, and we are glad he will remain a member of the Miami Dolphins."

Over 56 career games -- all with Miami -- Clemons has recorded 185 tackles and three interceptions.