Kent Somers of azcentral.com mentioned a few weeks ago that the Cardinals were to planning to exercise Peterson’s option, so this doesn’t come as much of a surprise.
The option is guaranteed for injury only, but it would run Arizona $10.081 million for the 2015 season.
The two sides are expected to discuss a long-term deal that would keep Peterson under team control for the foreseeable. However, Cole mentions that they are expected to monitor the ongoing negotiations between the Browns and CB Joe Haden to see where they end.
Peterson, 23, is entering the final year of his rookie contract and has already established himself as an elite cornerback and return specialist.
Last year, Peterson appeared in all 16 games and totaled 42 tackles, three interceptions and 13 pass defenses while contributing 198 punt return yards.
Pro Football Focus rated Peterson the No. 16 cornerback in the 2013 season.