According to NFL Network's Ian Rapoport, "it is very possible" Carr could be the first quarterback in the NFL to make $25 million annually.
Carr is currently scheduled to earn a base salary of $977,519 in 2017, with bonuses propelling that number into the $1.7 million range.
As a point of reference, a $25 million annual salary would make Carr the league's highest-paid quarterback per year. As things stand, Indianapolis Colts quarterback Andrew Luck tops that chart with an average annual paycheck of $24,594,000.
In terms of a timeline for the extension, Carr has been adamant about getting a deal done before training camp to avoid distractions in advance of the 2017 season.
"I have an agent who is in charge of that and I am confident that he and Mr. (Reggie) McKenzie will work it out," Carr said, according to the Fresno Bee's Anthony Galaviz. "I am only focused on becoming a better football player and helping my teammates become better players.
"I have complete faith it will get done before training camp. These things take time. The Raiders know I want to be here; this is my family, and I know they want me to be their quarterback."
The Raiders will open training camp in late July.
Contract information courtesy of Spotrac.com.