DAVIE, Fla. – The Miami Dolphins have exactly one week to make an important decision on their starting quarterback.

Ryan Tannehill, who was taken No. 8 overall in 2012, is under his rookie contract for just one more season. However, Miami has a fifth-year team option that can be picked up for 2016 worth approximately $15 million.

The deadline to pick up the option is May 3.

“Look, Ryan is here, we’re excited he is here, we haven’t made any decisions yet,” Dolphins vice president Mike Tannenbaum said. “We know when the deadline is and we’ll make those decisions when we get there.”

Several teams around the league have picked up their fifth-year option on 2012 first-round picks. So what’s the holdup in Miami?

The Dolphins reportedly have discussed a long-term extension with Tannehill this offseason. The going rate for quarterbacks of Tannehill’s caliber is in the range of $100 million. Miami must decide if it can fit another $100 million or more contract under its cap after recently paying Pro Bowl defensive tackle Ndamukong Suh $114 million.

Another question is whether Tannehill is the long-term solution. The Dolphins’ brass appears confident in Tannehill after he posted career highs in yards (4,045), touchdowns (27) and passer rating (92.8) last season. However, Tannehill is just 23-25 as a starter and has yet to post a winning season.

If the Dolphins cannot reach a long-term agreement, they are expected to pick up Tannehill's fifth-year option later this week. The team also can continue to negotiate a long-term extension throughout the summer.