NFL Network reported Tuesday the Patriots expect to finalize the deal soon, and they're also working toward "a few other deals."
Slater, a fifth-round draft pick in 2008, has been one of Bill Belichick's favorite players over the last four years. Slater was the Patriots' special teams captain for the first time in 2011, and he also earned his first Pro Bowl nod.
Slater has been a wide receiver by trade, but he temporarily moved to safety later last season when the Patriots struggled with injuries.
Slater has always been comfortable in New England, and he places a high value on winning and loyalty, which makes him a logical fit to continue his career with the Patriots.