Per ESPN's Adam Schefter, Jordan agreed to a three-year, $52.5 million extension on Tuesday that includes over $42 million guaranteed and can max out at $55.5 million.
Jordan was already under contract with the Saints for two more years, so his extension ties him to the club through 2023.
Last month, Jordan told ESPN.com's Mike Triplett he wants to play in New Orleans for his entire career and wasn't necessarily concerned about breaking the bank.
"All that can take care of itself. Honestly, I just want to be a Saints lifer. I want to go after this record by Rickey [Jackson]," said Jordan, whose 71.5 career sacks are 43.5 behind the Hall of Famer's franchise record of 115.
"I would love to say, 'Hey, I want a megadeal.' I don't really. [...] I just want to be secure in my job. Now to be sure, do I need to be updated? No doubt. But do I want to be like, 'Hey, I want to break Aaron Donald bank or go after Khalil Mack money even though I have better than Khalil Mack numbers in most categories?' No."
Per Spotrac, Jordan's $17.5 million average annual salary ranks fourth among defensive ends. Only Demarcus Lawrence of the Dallas Cowboys ($21 million), Frank Clark of the Kansas City Chiefs ($20.8 million) and Trey Flowers of the Detroit Lions ($18 million) will earn more per year.
Since being drafted No. 24 overall by the Saints in 2011, Jordan has developed into one of the most consistent defensive players in the NFL. The 29-year-old has 71.5 sacks in eight seasons and has recorded at least 7.5 sacks in each of the past seven years.