NFL: Brady set to sign lucrative extension, report

Three-time Super Bowl champion Tom Brady has agreed to a three-year contract extension with the New England Patriots, according to a report in Sports Illustrated on Monday.

The 35-year-old American quarterback is set to sign an extension worth about $27 million which would keep him with the team until he is 40 years of age, the magazine said. Brady was signed through the 2014 season.

Nothing is official, as the Patriots have not announced any new deal.

Brady, who is heading into his 14th season in the National Football League, currently has a four-year, $72 million deal with $48 million guaranteed.

Drew Brees is the NFL's highest-paid quarterback and would remain so, with an average salary of $20 million a year.