A person familiar with the contract tells The Associated Press that Tom Brady has received a three-year extension from the New England Patriots worth about $27 million.

The person spoke on condition of anonymity because the extension has not been announced.

The 35-year-old two-time league MVP was signed through 2014, and has said he wants to play five more years. By redoing his contract Monday, Brady also has cleared nearly $15 million from New England's salary cap.

The three-time Super Bowl champion will make far less in those three seasons than the going rate for star quarterbacks. Brady currently has a four-year, $72 million deal with $48 million guaranteed.

Sports Illustrated first reported the extension.