Rodgers signs record extension reportedly worth $33.5M per year

The Green Bay Packers have signed star quarterback Aaron Rodgers to a reportedly record-breaking deal, the team announced Wednesday.

Rodgers inked a four-year, $134-million contract extension that could be worth up to $180 million in total money, a source told ESPN's Adam Schefter. His contract will now run through the 2023 campaign.

The star quarterback will earn $33.5 million per season plus incentives and will receive nearly $103 million in guarantees, an NFL record. Matt Ryan previously topped the NFL with an average of $30 million per season.

Related: Rodgers thanks 'incredible' fans, Packers organization after record deal

Rodgers' former teammate and now NFL Network analyst James Jones first reported the details of the contract.

The two-time NFL MVP will also get a signing bonus of $57.5 million, the largest amount in league history, added NFL Network's Mike Garafolo. Rodgers will receive $67 million by the end of 2018, and over $80 million by March.

The 34-year-old had two years remaining on his current contract, but his average salary of $22 million - which was the highest in the league at the time of signing in 2013 - slipped to 10th among quarterbacks.