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Jones reports that the deal is worth $33.5 million in "new money" and incentives.

ESPN reporter Rob Demovsky reports that the team and Rodgers will complete the deal this weekend.

The 34-year-old receives a record $57.5m (£44.1m) signing bonus and will earn more than $80m (£61m) by March.

As you can imagine, Rodgers was pretty excited to sign the new deal and he ended up sharing his reaction on Instagram.

Former Packers WR James Jones, now an analyst for NFL Network, broke the new deal for QB Aaron Rodgers. Rodgers inks the largest extension in National Football League history, 4-year, $134 million with over $100 million guaranteed right before the season gets set to kick-off.

Rodgers turns 35 in December. Ryan agreed to a five-year, $150 million extension with the Falcons in May.

"I talk with my agent daily, so I'm aware of conversations", Rodgers said when training camp opened last month. "This is a partnership".

The four-year extension is going to make Rodgers a rich man, and the best part for him is that he's going to be seeing a lot of that money right away. "And then that's my side of the bargain".

The American led the Packers to the Super Bowl championship in 2011, where he was also named the most valuable player. He posted a 4-3 record with 16 touchdowns to six interceptions and a 97.2 passer rating.