The New Orleans Saints plan to place a first-round tender on Taysom Hill, according to a source.

That means another team would have to surrender a first-round pick to sign Hill as a restricted free agent.

New Orleans will also have the right to match any offer that Hill might sign with another team after making him the qualifying offer, which is worth $4.67 million over one season.

The Saints still hope to re-sign the quarterback before free agency opens on March 18.