The New York Jets and Miami Dolphins are in serious talks to trade for Kansas City Chiefs wide receiver Tyreek Hill, league sources told ESPN.

Hill is expected to receive a massive contract extension from the team that trades for him, according to sources.

Multiple teams were approached about a potential Hill trade, but the Jets and Dolphins emerged in recent days as the two finalists, sources said.

Hill and Chiefs are mulling what to do, sources said, and a decision is likely within the next 48 hours.

Dolphins assistant general manager Marvin Allen was the Chiefs director of college scouting for five years, from 2013 to '17, when Kansas City drafted Hill.

Both the Jets and the Dolphins are in need of a No. 1 wide receiver to aid their young quarterbacks, Zach Wilson and Tua Tagovailoa, respectively.

Hill, who has been selected to the Pro Bowl in all six seasons of his NFL career, had a career-best 111 receptions for 1,239 yards and nine touchdowns last season.

He has 479 receptions for 6,630 yards and 56 touchdowns in his career.

If the Chiefs trade Hill, the Chiefs' wide receiver corps would include free-agent addition JuJu Smith-Schuster, Mecole Hardman, Josh Gordon, Justin Watson, Cornell Powell, Gehrig Dieter and Corey Coleman.

The team still would be expected to add wide receivers in free agency and the draft.