Tom Brady inks 2-year extension with Patriots, reportedly worth $70 million

Tom Brady #12 of the New England Patriots pumps his fist running onto the field before Super Bowl LIII against the Los Angeles Rams at Mercedes-Benz Stadium on February 03, 2019 in Atlanta, Georgia. (Photo by Maddie Meyer/Getty Images)

FOXBOROUGH, Mass. — Tom Brady and the New England Patriots have agreed on a two-year contract extension that is set to keep the quarterback in Foxboro through the end of the 2021 season, a source confirmed to Boston 25 News.

ESPN's Adam Schefter and Field Yates were first to break the news on Sunday afternoon.

Brady was entering into the last year of his current contract with New England before signing the new deal, which pays the six-time Super Bowl champion $23 million for the 2019 season, per ESPN.

The Patriots were set to give Brady $15 million for the upcoming year, however, the new contract gives the quarterback an $8 million pay bump.

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The extension comes one day after Brady's 42nd birthday.

The contract makes Brady the sixth highest-paid quarterback in the NFL for 2019, tying him with New Orleans QB Drew Brees.

Ian Rapoport of the NFL Network reported further details of Brady's apparent extension, saying that, in total, the deal is worth $70 million. The quarterback will be given raises at the end of each of the next two seasons, earning $30 million in 2020 and $32 million in 2021, per Rapoport.

Restructuring Brady's deal for the 2019 season saves New England roughly $5.5 million in cap space, despite the QB's $8 million raise, according to Jeff Howe of The Athletic.

Brady and the Patriots are coming off of their sixth Super Bowl-winning season after defeating the Rams, 13-3, in Super Bowl LIII back in February. The title tied New England with the most in NFL history with the Pittsburgh Steelers.

New England and Pittsburgh will square off in Week 1 of the upcoming NFL season. Brady and the Patriots are set to watch the unveiling of the latest Super Bowl championship banner on Opening Night.

>>>MORE: 2019 Patriots schedule released with two home games airing on Boston 25