Indianapolis Colts running back Jonathan Taylor has been given permission to seek a trade, and the Dolphins are expected to at least explore a deal for the NFL’s 2021 rushing leader.

But the Colts are seeking a high price in return — a first-round draft pick or multiple draft picks that would be the equivalent of a first-round pick, according to ESPN. And it’s unclear if the Dolphins would be willing to meet that demand.

Taylor has been seeking a contract extension for several weeks; his rookie deal expires after this season. The Colts declined to give Taylor a new deal and initially rebuffed his trade request before relenting on Monday.

The Dolphins hold Taylor in high regard because of his age (24) and elite production. The Dolphins generally don’t like to pay big money to running backs but could make an exception for Taylor because he doesn’t have a lot of tread on his tires and because of his elite production.

Taylor has rushed for 3841 yards and averaged 5.1 per carry in three NFL seasons.

He is four years younger than Jets running back Dalvin Cook, who attracted moderate Dolphins interest - but no lucrative offer - before signing with New York last season. Cook has 1282 rushing attempts, compared with 756 for Taylor.

Taylor led the league in rushing with 1811 yards, on 5.5 per carry, in 2021. He ran for 861 yards, on 4.5 per carry, in 11 games last season but missed time in October, December and January with an ankle injury.

Taylor is on the physically unable to perform list and has not practiced or played since being placed on injured reserve in December because of an ankle injury, which required January surgery.

Taylor is set to make $4.3 million this season in the final year of his rookie contract. He’s seeking a lucrative extension, and that’s where a Dolphins pursuit could get tricky.

The Dolphins already are $32.8 million over the 2024 cap - and that’s not counting potential 2024 free agents Christian Wilkins, Zach Sieler and Raekwon Davis, among others.

But the Dolphins can create at least some flexibility by releasing or restructuring a half dozen veterans. Purely as a hypothetical, cutting Emmanuel Ogbah and trading Xavien Howard after June 1 next season would clear $33 million in cap space.

Taylor’s agent, Malki Kawa, has been given permission to contact teams regarding a trade, as NFL Network reported.

The Dolphins have five veteran running backs under contract: Raheem Mostert, Jeff Wilson Jr., Myles Gaskin and Salvon Ahmed, plus third-round pick De’Von Achane and fellow rookie Chris Brooks. Achane is out indefinitely with a shoulder injury, though coach Mike McDaniel suggested it’s not a long-term injury.

Mostert and Wilson tied for 11th in the league in per carry average at 4.9 last season, and they’re expected to be the Dolphins’ top backs, barring a trade for Taylor. Ahmed and Gaskin have had strong preseasons, and the Dolphins very much like the upside of Achane.

But Taylor would represent an opportunity to add one of the NFL’s best running backs, a player who has averaged more yards per attempt in his first three seasons (5.1) than any player in NFL history, minimum 750 attempts.

In recent years, the biggest trade return for a running back involved Christian McCaffrey, who was dealt from Carolina to the 49ers for 2023 second, third, and fourth-round picks, and 2024 fifth-round pick.

Twenty one years ago, the Saints traded Ricky Williams and a fourth-round pick to the Dolphins for four draft picks, including two first-rounders.

The Colts drafted Taylor with the 41st overall pick out of Wisconsin in 2020. He finished third in rushing yards as a rookie and first last season.