Rodgers is expected to receive $80 million between now and March.
James Jones of NFL Network added that Rodgers will have over $100 million in guarantees.
Adam Schefter of ESPN provided additional details of the deal:
Schefter first reported the new deal was close and was "expected to be the largest in NFL history." Rodgers had two years remaining on his current contract.
The 34-year-old had a cap hit of about $20.6 million in 2018, which put him 14th among quarterbacks, per Spotrac.
This was a major bargain for a player who is arguably the best in the league at his position when healthy. Rodgers has earned six Pro Bowl selections, two appearances on the All-Pro First Team and two MVP awards in his career.
The quarterback was clearly looking for a deal that put him among the highest-paid in the league. Matt Ryan signed an extension this offseason that averages $30 million per year, featuring $100 million in guaranteed money.
Rodgers discussed the contract negotiations last week on 540 ESPN, via Rob Demovsky of ESPN.com:
"I'm not trying to screw them, you know. This is a partnership. That's the only way this is going to work, and the best way things work in this situation is that we're in this thing together. And if they make that financial commitment, that's what they're saying, and also there's an expectation that you're going to play well. And then that's my side of the bargain."
It will now be up to the quarterback to live up to his end of the deal, which could include staying on the field. He missed nine games with a shoulder injury last season and missed seven games in 2013.
Still, Rodgers has shown how important he is to the Packers' success, and it appears he will once again be paid like it.