The 38-year-old and his Packers side fell just short in the NFL playoffs this season, losing out to the San Francisco 49ers in the Divisional Round.
The reigning MVP had another year and $26 million remaining on his previous contract, but with rumours rumbling on linking Rodgers to the Denver Broncos, Green Bay were keen to offer their star quarterback a new deal.
It's now being widely reported that with the new deal running until 2026, Rodgers' new salary would rise to $50million a year, topping the salaries of Chiefs quarterback Patrick Mahomes ($45million) and Bills' Josh Allen ($43million).
Mahomes' 10-year contract worth $450million still remains the biggest deal in NFL history, but Rodgers would overtake the 26-year-old in terms of annual earnings.
The decision caps off an action-packed 2021 for Rodgers, who firstly appeared unhappy with his side after their first round pick of quarterback Jordan Love, describing them as "unloyal".
Rodgers then caused controversy over his views around Covid-19 in August, with the Packers quarterback describing himself as 'immunized' when asked if he'd had the vaccine, only for him to later test positive for the virus in November.
The Packers' unsuccessful playoff campaign would've disappointed Rodgers, who won the Super Bowl with the Packers back in 2010, but a new contract will hopefully motivate the signal caller to once again pursue the Lombardi trophy next season.
If Rodgers plays out his reported new contract, it'll extend his NFL career to a whopping 21 years, after he was first drafted in 2005 by the Packers.
An impressive four MVP's came along the way, but Rodgers will be eager to add another ring to his collection before hanging up his boots in the NFL.