BOSTON (CBS) – Tom Brady and the New England Patriots have reportedly reached an agreement on a contract extension that will prevent the future Hall of Famer from entering the season on the final year of his contract.

Field Yates of ESPN first reported the news on Sunday, saying a deal “should be done soon.”

Ian Rapoport of NFL Network took the report a step further, saying the sides have agreed to terms on a short-term deal.

The #Patriots and QB Tom Brady have agreed to terms on a contract extension, source said. No details yet, but sounds like it’s a short term deal, as you’d expect. — Ian Rapoport (@RapSheet) August 4, 2019

Yates’ colleague Adam Schefter followed up a short time later with contract details.

Patriots’ QB Tom Brady is signing a two-year extension that will pay him $23 million this year, per source. It makes him the 6th highest-paid QB in the league. — Adam Schefter (@AdamSchefter) August 4, 2019

Tom Brady’s two-year extension takes him through the 2021 season, but the deal will be adjusted each year he continues playing, per source. It will pay him $23 million this season – an $8 million boost over what he was scheduled to make. — Adam Schefter (@AdamSchefter) August 4, 2019

Even though Tom Brady is signing a two-year extension, he always will be on a year-to-deal with the Patriots. Deal can, and will, be adjusted each year as long as Brady plays. — Adam Schefter (@AdamSchefter) August 4, 2019

Brady, who turned 42 years old on Saturday, had been set to enter the season in the final year of his contract until the extension was reached.

The #Patriots and QB Tom Brady are in agreement on a 2-year deal worth $70M, source said, thru 2021. He gets $23M this year, then $30M and $32M in the following years — though both sides are amenable to adjusting it if the situations warrants. It’s essentially year-to-year. — Ian Rapoport (@RapSheet) August 4, 2019

Multiple reports have indicated that Brady and the Patriots would be open to redoing the contract on a year-to-year basis despite the extension.