NFL Network's Mike Garafolo reported Tuesday that the extension will likely keep Edelman in New England for the remainder of his career, and NFL Network's Ian Rapoport added that the wideout is receiving a two-year extension that will also provide him with a raise.
Rapoport also included the contract's full financial details at the time, and ESPN's Field Yates provided additional details Thursday:
Edelman, who turned 33 on Wednesday, has spent his entire 10-year NFL career with the Pats.
After missing all of 2017 with a torn ACL and the first four games of 2018 due to a performance-enhancing drug suspension, Edelman bounced back in a big way.
He finished with 74 receptions for 850 yards and six touchdowns in 12 regular-season games. After registering 10 catches for 141 yards in New England's 13-3 win over the Los Angeles Rams in Super Bowl LIII, Edelman was named Super Bowl MVP.
Although his career numbers are somewhat modest with 499 receptions for 5,390 yards and 30 touchdowns, he is among the greatest postseason wideouts of all time.
His 115 receptions and 1,412 career receiving yards in the playoffs rank second behind only the legendary Jerry Rice, who is widely considered the greatest receiver ever.
From a regular-season perspective, Edelman has done most of his damage over the past five seasons in which he has been healthy:
Despite his age, Edelman is expected to be a huge part of New England's receiving corps in 2019 and beyond.
On the heels of tight end Rob Gronkowski's retirement, the Pats have major question marks with regard to their pass-catchers. Outside Edelman, N'Keal Harry is a rookie, Demaryius Thomas is coming off an Achilles injury and Josh Gordon is still suspended.
Also, 38-year-old tight end Benjamin Watson had briefly retired until he recently signed with New England.
Edelman had been set to become a free agent after 2019, but he is now locked in through at least 2021, which will be his age-35 season.
Quarterback Tom Brady continues to play at an MVP level despite having some suspect weapons around him, but with Edelman's retention, Brady can continue to rely on one of the best slot receivers of his era.