The Arizona Cardinals have agreed with Patrick Peterson on a five-year contract extension, a deal the Pro Bowler said Tuesday night is worth $70 million with $48 million guaranteed, which makes him the highest-paid cornerback in the NFL.

The deal will surpass extensions signed recently by the Cleveland Browns' Joe Haden (five years, $68 million) and Seattle Seahawks' Richard Sherman (four years, $56 million).

The team announced the extension, which will keep Peterson under contract through 2020, without specifying the pay.

Peterson followed up on Twitter:

Peterson's contract has been a topic of discussion through most of the offseason. Talk about an extension heated up since the Cardinals reported to camp on Friday. Reports the two sides were close to a deal swirled early Tuesday.

Patrick Peterson, who has agreed to a five-year deal worth what he says is $70 million with $48 million guaranteed, is a three-time Pro Bowler and a two-time All-Pro. He has 12 career interceptions. Matt Kartozian/USA TODAY Sports

Peterson, who was selected fifth overall in 2011, became the first member of that highly successful first-round class to sign an extension.

As the first class to enter the league under the most recent collective bargaining agreement, the 2011 draftees face significant restrictions with their contracts. Each first-round pick was required to sign a four-year deal with an option for a fifth season. The Cardinals picked up Peterson's option in April, which set them to pay him a little more than $10 million next season.

Peterson, widely considered one of the top shutdown corners in the league, will hold a news conference Wednesday.

Peterson is a three-time Pro Bowler and a two-time All-Pro. He has 12 career interceptions but made his mark during his rookie season as a punt returner and tied an NFL record with four touchdowns. In his three years in the league, Peterson hasn't been to the playoffs, but he took on a role of Mr. Everything for Arizona and played offense, defense and special teams the past season.