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Arizona Cardinals’ Carson Palmer has restructured his contract … or has he?

LISTEN: Carson Palmer, AZ Cardinals QB

With the free agency period looming in the National Football League, many teams are in the process of creating salary cap space.

The Arizona Cardinals are one of them.

According to Spotrac.com, the Cardinals currently have approximately $21.38 million available under the cap after restructuring wide receiver Larry Fitzgerald’s deal and cutting wide receiver Ted Ginn, Jr. and defensive lineman Darnell Dockett.

But that doesn’t mean the restructuring will stop. Quarterback Carson Palmer, who signed a new four-year, $58 million deal with over $14 million guaranteed back in November, will be restructuring that deal as well — at least he thinks so.

“I got home and had to do a conference call to realize that I have not done it yet,” Palmer joked with Doug and Wolf Friday on Arizona Sports 98.7 FM. “I was contacted by our guys and they were like ‘hey, we want to create some cap space’ and I was like ‘cool, let’s do it.’ That was it, I thought it was done.

“If they need it, and Steve (Keim) needs the wiggle room in signing a free agent, they’re going to execute it. But I had agreed to it and thought it was done and figured it was done. It’s just kind of one of those things they’re holding on to and waiting on.”

Palmer is in the process of rehabbing his left knee. The veteran quarterback tore his ACL last November in a win over the St. Louis Rams. He said the process is going well.

“It’s going great,” he said. “I was talking yesterday to some of you media guys and we were letting you in on some of the stuff I’m doing. I’m actually starting to do some football stuff and doing some quarterback drills and doing some movement things that are actually specific to playing football, which is good. It’s fun.

“It’s what I’ve been waiting to do for the last couple of months and it’s been fun.”

Palmer hopes to be back on the field in time for organized team activities in June.