The New York Giants plan to use the franchise tag on defensive end Jason Pierre-Paul if the two sides fail to reach a long-term deal by March 2, ESPN.com reported Monday.

The Giants are working to secure Pierre-Paul before the five-year veteran becomes an unrestricted free agent on March 10. The deadline to apply the franchise tag is March 2.

Applying the franchise tag to Pierre-Paul will reportedly cost the team between $14.5 and $16 million, depending on final salary cap numbers. The salary cap is expected to rise to close to $145 million. By using the tag, the Giants can continue working on a long-term with Pierre-Paul until this summer.

Giants general manager Jerry Reese confirmed last week that the two sides have been in discussions.

Pierre-Paul, 26, is one of the most athletic players in the league at 6-foot-6 and head coach Tom Coughlin has said the Giants are very serious about re-signing Pierre-Paul.

“The goal is for him to be a Giant, play as a Giant and retire as a Giant,” Coughlin said Thursday at the NFL Scouting Combine. “How that happens is another issue.”

Pierre-Paul, drafted with the No. 15 pick in the 2010 draft, recorded 76 tackles, 12.5 sacks and three forced fumbles for the Giants last season. He has collected 276 tackles, 42 sacks, two interceptions and two touchdowns during his career. He had 16.5 sacks during the team’s 2011 Super Bowl season.