It appears Patrick Mahomes is set to cash in this offseason.

The Kansas City Chiefs hope to complete a "mammoth" contract extension with Mahomes this offseason that would make him the league's highest-paid player, NFL Network's Ian Rapoport reports.

However, a new deal for the 2018 MVP isn't imminent, as an agreement is likely to come after the new collective bargaining agreement is finalized, Rapoport adds.

Reports of a record-breaking contract extension for Mahomes first surfaced last offseason as the Chiefs likely wanted to wrap up a deal before the star quarterback could further increase his value.

The 24-year-old is currently set to earn $2.7 million guaranteed in 2020 on the second-last year of his rookie deal, assuming Kansas City would activate his fifth-year option.