The Bucs have been open about their desire to rework Brady's deal one year after he signed with the team.
General manager Jason Licht told Rich Eisen last month that an extension for the three-time NFL MVP is "a possibility."
Brady, who will turn 44 in August, told reporters leading up to the Super Bowl that he "would definitely consider" playing past the age of 45.
"It's a physical sport and you never know when that moment is," said Brady. "Just because it's a contact sport and there's a lot of training that goes into it. And again there has to be 100% commitment from myself to keep doing it."
After spending the first 20 years of his career with the New England Patriots, Brady joined the Buccaneers last March on a two-year, $50 million deal that is fully guaranteed. His $28.375 million cap hit in 2021 is almost $12 million higher than any other player on Tampa's roster.
A new deal for Brady would likely be used to free up cap space that the team could use to retain potential free agents like Chris Godwin and Shaquil Barrett. The Bucs currently project to have more than $19 million in cap space this offseason, per Spotrac.
Brady had a successful debut season in Tampa Bay with 4,633 yards and 40 touchdowns in the regular season. He threw for 1,061 yards and 10 touchdowns in four playoff games to help the Bucs win the second Super Bowl title in franchise history.