ENGLEWOOD, Colo. -- In what will close out the contract negotiations that had the Denver Broncos' faithful on the edge of their seats, the team's top football decision-maker, John Elway, has agreed to new five-year contract extension that will keep him with team through the 2021 season.

"This is a special place, and the Broncos are home to me," Elway said in a statement. "While there's still a lot of work to be done, I'm excited about the future of this team and this organization."

Elway, 57, had one year remaining on a three-year extension he signed in 2014. The new deal will be the third contract he has signed since he rejoined the Broncos in 2011 as the team's top football executive. The new deal replaces the year he had remaining on his old deal and adds five new years.

John Elway will remain in the Broncos' front office after agreeing to a new deal. AP Photo/David Zalubowski

Sources said the deal will make Elway the highest-paid general manager in the league. The team did not reveal the value of the contract.

Though the team's negotiations with Elway have been the biggest offseason topic, having even overshadowed its quarterback competition, Elway and team president and CEO Joe Ellis have consistently said a new deal would get done before the season. Veteran players report for training camp Wednesday -- rookies had reported Sunday night -- and the first full team practice will be Thursday.

"During these last six seasons, John's clearly established himself as one of the best general managers in all of sports," Ellis said. "He's demonstrated impressive football instincts, a strong business acumen and a consistent ability to build competitive teams.

"There's no doubt John means a great deal to the Broncos, our fans and the entire community. It was important for us to reach this long-term agreement, and we're all excited to now turn our full attention toward the 2017 season."

With his many varied business interests, Elway has often been asked about his long-term plan as an NFL executive. The Broncos have gone 67-29 (.698) in regular-season games during Elway's tenure in this position, with five AFC West titles and two Super Bowl trips, including the February 2016 win in Super Bowl 50.

Elway played for Denver from 1983 to 1998 during a Hall of Fame career that was capped with back-to-back Super Bowl titles.

He was drafted No. 1 overall by the Baltimore Colts in 1983, who traded him to Denver.

Information from The Associated Press was used in this report.