Brady, a six-time Super Bowl champion and one of the best players the game has ever known, will also receive a hefty raise this season.
Under the new contract, Brady will receive an $8 million raise in 2019, bringing up his salary to a hefty $23 million. The extension also calls for him to earn $30 million in 2020 and $32 million in 2021 - when he will be 44.
"Have I earned [an extension]? I don't know," Brady told reporters, NFL.com reported. "That's up for talk show debate. What do you guys think? Should we take a poll?"
Brady, 42, led the Patriots to a 13-3 win over the Los Angeles Rams in Super Bowl LIII. He is only one of four players to have won six NFL titles.
The others are Herb Adderley and Forrest Gregg and their teammate, Fuzzy Thurston, who all played for Vince Lombardi's Green Bay Packers.
Brady and the Patriots will open their season against the Pittsburgh Steelers on Sept. 8.
The Associated Press contributed to this report.