The New Orleans Saints and quarterback Drew Brees have agreed to a five-year contract.
According to ESPN, the deal is worth $100 million with an NFL-record $60 million in guaranteed money, including $40 million in the first year of the contract.
"Deal is Done!" Brees wrote on Twitter. "Love you, Who Dat Nation. See you soon!"
Brees, who was designated as the team's franchise player this offseason but refused to sign the tender, had not attended any of the Saints' offseason activities while looking for a long-term deal.
"Now we must turn our focus to getting ready for the start of training camp and to keeping with our goal of being the first team in NFL history to host and play in a Super Bowl," said Saints owner Tom Benson.
Brees, an 11-year veteran, was coming off a record-setting season in which he established new NFL marks for passing yards (5,476), completions (468) and completion percentage (71.2).
He was also named to the NFC Pro Bowl team and led the NFL with 46 touchdown passes and an average of 342 passing yards per game. His 110.6 passer rating ranked second in the NFL.
Brees, who led the Saints to the Super Bowl title after the 2009 season, has thrown for 40,742 yards and 281 touchdowns over 154 career games with the San Diego Chargers and Saints.