Drew Brees will sign a new two-year deal worth $50 million to stay with the New Orleans Saints, according to a report from ESPN.
The agreement, which was first reported by NFL Network, includes $27 million guaranteed, a source confirmed to ESPN.
While Brees' contract is being presented as a two-year deal, the source told ESPN that it will actually be a one-year deal with a team option for the second year. It will also reportedly include a no-trade clause.
A future Hall of Famer, Brees sits 1,496 yards away from Peyton Manning's career record of 71,940 passing yards and 52 touchdown passes away from Manning's NFL record of 539.
As expected, the deal means the 39-year-old quarterback and self-described "Saint for life" won't hit a free agent market that has already seen former Minnesota Vikings quarterback Case Keenum agree to a deal with the Denver Broncos.
The free agency period officially gets underway on Wednesday, with Kirk Cousins, A.J. McCarron, Teddy Bridgewater and Sam Bradford among the more notable quarterbacks seeking new deals.