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The Washington Redskins and quarterback Colt McCoy reportedly agreed to terms Thursday on a one-year contract extension worth as much as $7 million.

According to NFL Network's Ian Rapoport, the deal contains a void and buyback provision.

McCoy, who has been a member of the Redskins since 2014, re-signed with Washington on a three-year, $9 million deal prior to the 2016 season. Had the sides not agreed to an extension, he would have become a free agent at the conclusion of the 2018 campaign.

The 31-year-old last saw extensive action in 2014 when he appeared in five games and made four starts. During that stretch, he completed 71.1 percent of his passes for 1,057 yards, four touchdowns and three interceptions.

Since then, McCoy has attempted 11 passes across two garbage-time appearances.

The former University of Texas gunslinger should continue to serve in a backup capacity as Washington adjusts to life with Alex Smith under center.