Pittsburgh and Wallace are working towards a new deal. (US Presswire)

The time to sign players tendered a franchise tag has come and gone, but the pink elephant that is Mike Wallace still remains in the Steelers living room, with Wallace potentially holding out of camp, unhappy with his $2.72 million tender.

CBSSports.com's NFL Insider Jason La Canfora reports Thursday that the parties are in "close contact" and that the two sides continue to make progress on a new deal.

"The sides have remained in close contact and continued their dialogue and are expected to maintain a steady pace with the start of training camp looming," La Canfora reports. "There has been some movement and though no deal is imminent and work remains to be done, the situation has certainly improved since early this offseason. Both sides are motivated to complete a long-term contract."

La Canfora also pointed out that the Steelers aren't shy about locking up their young talent. CBSSports.com's Ryan Wilson broke this down as well earlier, pointing out that LaMarr Woodley, Lawrence Timmons and Troy Polamalu all got long-term deals after training camp began.

So there's certainly reason for optimism if you're a Steelers fan that the team will be able to get Wallace locked down before the season begins.

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