Report: Brady, Patriots agree to 2-year, $70M extension

Tom Brady is set to receive a late birthday gift.

The New England Patriots' star quarterback is signing a two-year extension that will pay him $23 million in 2019, a source told ESPN's Adam Schefter.

The total worth of Brady's new deal is $70 million, a source told Ian Rapoport of NFL Network.

In addition to the $8-million raise in salary for this season, Brady is reportedly set to receive $30 million in 2020 and $32 million in 2021. However, his contract will be adjusted each year he continues to play, added Schefter.

Brady, who turned 42 years old Saturday, had one year remaining on his former pact.

The six-time Super Bowl champion was set to earn $15 million in 2019, and it was widely expected the Patriots would give him a new short-term deal to push his salary further toward the top of the market and reduce his $27 million cap hit.

Brady's extension freed up $5.5 million, according to Schefter. New England previously had just over $9 million in cap space, per Over The Cap.

Only five veteran quarterbacks are now set to take home more cash in 2019 than Brady, who is tied for sixth with fellow future Hall of Famer Drew Brees, per Spotrac.

There is no precedent for extending a quarterback of Brady's age who is still performing at an elite level. The veteran pivot appeared to attempt to drive negotiations forward after Wednesday's practice.

"Have I earned it? I don't know. That's up for talk-show debate. What do you guys think? Should we take a poll? Talk to Mr. (Robert) Kraft, c'mon," Brady said. "No, like I said, we've got a great relationship. So we'll see how it goes."

Brady threw for 4,355 yards and 29 touchdowns against 11 interceptions during last year's regular season.