Brees and the team Friday reached the agreement, which will pay the quarterback $40 million in the first year, the person told The Associated Press on condition of anonymity because the contract had not been publically announced.
The Saints announced they had reached a five-year deal with Brees but did not release financial details of the contract.
Brees posted on his Twitter page reading, ''Deal is Done! Love you, Who Dat Nation. See you soon!''
Brees had been tagged as the Saints' exclusive franchise player and could not negotiate with other teams.
Had a deal not been reached, the tender for a quarterback was worth $16.3 million. Brees would have had to play for that amount or hold out for a better one-year deal, which would have left his long-term future in New Orleans uncertain.
Brees skipped the Saints' offseason practices while holding out for his new long-term contract, which now gives him the highest average annual pay ($20 million) in NFL history. Buffalo defensive end Mario Williams also has a $100 million contract, but for six years.
Now Brees is set to report for the opening of Saints training camp on July 24, a needed does of good news for a club whose offseason has been plagued by the bounty scandal that resulted in the season long suspensions of head coach Sean Payton and linebacker Jonathan Vilma, among other sanctions.A/P
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