According to sources, NFL Network's Ian Rapoport and Tom Pelissero claimed Tuesday that Rodgers' agreement is signed. After signing, the team announced.
Last Thursday, Rodgers returned to Green Bay with a four-year contract that would make him the NFL's highest-paid player per year.
After a week of negotiations with the Packers, Rodgers will earn $50 million per year for the first three years.
Rapoport added that the deal has two cap placeholders on the back end that might be renegotiated.
"We are very pleased to be able to come to an agreement with Aaron that keeps him in Green Bay," Packers general manager Brian Gutekunst said.
"His play on the field and locker room leadership remain important in our pursuit of another Super Bowl win. The arrangement lets us keep and improve our competitive roster."
In 2022, Rodgers had a base salary of $26.47 million and a salary-cap figure of $46.664 million. The new deal raises his income this season and lowers the cap figure.
After three years, Rodgers could retire at 41 or the Packers might renegotiate.
The new deal decreases Rodgers' salary hit in 2022 to $28.5 million, $18 million less than expected, giving the Packers cap space to remain Super Bowl contenders.
The Packers worked to get under the salary cap to make free agency moves in the past day. Rodgers, Preston Smith, Za'Darius Smith, and Billy Turner were released by Green Bay.
Green Bay could only offer the back-to-back MVP a raise while keeping the NFC North champs' squad substantially intact by deferring Rodgers' big salary hits.