Aaron Wilson of the Houston Chronicle noted the new deal is expected to make Hopkins the highest-paid receiver in football, surpassing Atlanta Falcons star Julio Jones' average annual value of $22 million.
Rapoport noted Hopkins negotiated the deal himself.
The Cardinals acquired the 28-year-old via trade in March in a deal that also included running back David Johnson and a second-round draft pick heading to Houston.
At first glance, it was a head-scratching deal considering Hopkins was coming off his third straight All-Pro season and fifth 1,000-yard campaign.
However, ESPN's Dianna Russini later reported that the Clemson product was seeking a deal worth $18 million to $20 million per season from Houston and would hold out if he did not get it.
That request reportedly prompted the trade, although Hopkins also said he had "no relationship" with Texans head coach and de facto general manager Bill O'Brien, per Greg Bishop of Sports Illustrated.
Houston's loss is clearly Arizona's gain as the Cardinals obtain a clear-cut No. 1 star wideout for franchise quarterback Kyler Murray, who is looking to improve on a promising first season that included 24 total touchdowns (20 passing, four rushing), a 64.4 percent completion rate and 544 rushing yards.
Now the Murray-Hopkins connection should be lighting up defenses for years to come in Arizona after the wideout got the long-term security at a salary he desired from the Cardinals.