The New Orleans Saints had a breakthrough Tuesday night in negotiations with first-round draft pick Sedrick Ellis that allowed them to reach agreement on a five-year deal that could max out at $49 million, a source close to the situation told ESPN.com. Saints General Manager Mickey Loomis confirmed the deal but would not reveal financial terms for the linebacker out of Southern California. "It's about time," said Loomis. "It took a little longer than it should have."

Defensive tackle Sedrick Ellis might be soon ending his holdout. The speculation is the Saints' first-round pick and No. 7 overall selection in April's draft could arrive in Jackson sometime in the next couple of days. Defensive tackle Glenn Dorsey, the No. 5 overall pick, agreed to a contract late Friday leaving Ellis the highest first-round pick yet to be signed and in camp.

Saints' running back Deuce McAllister sat out a practice on Saturday because he had fluid drained from his surgically repaired left knee, then the team sent him for a precautionary MRI, according to an Associated Press report. McAllister said later in the afternoon that everything appeared to be fine. ?Everything looks good in there,? McAllister said in a text message. ?They just wanted to make sure.?

Marques Colston, whose 168 catches are more than any NFL wide receiver through his first two seasons, agreed to a three-year contract extension that could keep him in New Orleans through the 2011 season, Saints GM Mickey Loomis said Wednesday night.

Jeremy Shockey was traded to the Saints for two draft picks Monday. The Giants will receive second- and fifth-round picks in the 2009 draft. The deal must be approved by the league and is contingent on Shockey passing a physical. Shockey, a four-time Pro Bowl selection who spent six seasons with the Giants, broke his leg against the Washington Redskins on Dec. 16.

The Saints agreed to terms on a three-year deal with kicker Taylor Mehlhaff on Friday, according to The Argus Leader. Mehlhaff was selected in the sixth round of this year's draft. "Taylor is the only kicker that we really considered drafting," general Manager Mickey Loomis said after the draft in April. "He is a strong-legged guy and has been consistent and improved each season. We are happy to have him."