A new contract is reportedly in the works for the NFL's Coach of the Year.

The Carolina Panthers have opened discussions with Ron Rivera about an extension and raise, sources told Joseph Person of the Charlotte Observer.

This would be the second extension in two years for Rivera, who signed a three-year deal worth more than $4 million per season after guiding the Panthers to an NFC South title in 2013.

Rivera is 47-32-1 in five seasons with the Panthers.