Brees and the Saints have reportedly agreed to a two-year contract worth $50 million with $27 million guaranteed, according to Jane Slater of NFL Network, which will take him through his 41st birthday.
"I love my team and am excited about the opportunity we will have together," Brees told Mike Triplett of ESPN.com after Slater's report.
Adam Schefter of ESPN reported the contract will be a one-year contract with a team option for the final season. It also includes a no-trade clause, per Schefter.
A return for 2018 seemed all but certain after the Saints went 11-5 in 2017 and came within a play of making the NFC Championship Game. Brees told reporters he expected to be back in 2018 following the 29-24 loss to the Minnesota Vikings in the divisional round.
"I'm hoping I'm a part of a few more that I feel that way about and we can make a run at it," Brees said after saying he believed the Saints were a Super Bowl contender. "Unfortunately, sometimes experience is a tough teacher, and things happen, and you can go one of two ways with it.
"Does it put you in the tank? Does it pull you apart? Or does it unite you and make you stronger and mold you and strengthen you? That's the outlook I'm taking, and I think that's the outlook that our entire team is taking."
Offense has never been the problem since Brees and head coach Sean Payton came to New Orleans more than a decade ago. Brees has recorded five 5,000-yard passing season, by far the most in NFL history, and has thrown for at least 30 touchdowns in nine of the last 10 seasons. The lone exception was 2017, when Brees' role decreased amid the breakout of Alvin Kamara and Mark Ingram.
Brees threw for 4,334 yards, his lowest total since 2005, and 23 touchdowns, his lowest since 2003. But he also set an NFL record for completion percentage, so the drop in his counting stats was clearly due to a scheme change.
The Saints are pushing their chips to the center with Brees and Payton once again in 2018. They have never recorded fewer than seven wins together, but they've recorded exactly that in four of the last six years.
The Saints will hope 2017 was not an aberration as they move forward with Brees under center.