A source indicated to Tomasson that the deal will be in the neighborhood of five years and $70 million, which would keep Rhodes under contract through 2022.
The 27-year-old Rhodes is coming off his best season, as he registered 52 tackles, 11 passes defended and a career-high five interceptions en route to his first Pro Bowl.
Per Tomasson, the projected extension would make Rhodes the third-highest-paid cornerback in the NFL at roughly $14 million per season.
The Vikes selected Rhodes with the No. 25 overall pick in the first round of the 2013 NFL draft out of Florida State.
Rhodes became a full-time starter in his second season, and although he didn't produce much in terms of turnovers at first, everything came together for him in 2016.
As things currently stand, Rhodes has one year remaining on his current contract and is set to become a free agent next offseason.
Last season, Rhodes was a key factor in the Minnesota defense ranking third in the NFL against the pass.