Person familiar with contract to AP: Tom Brady gets 3-year extension, worth about $27 million

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FILE - In this Dec. 2, 2012, file photo, New England Patriots quarterback Tom Brady looks for a receiver during the second half of an NFL football game against the Miami Dolphins in Miami. Brady agreed to a three-year contract extension with New England on Monday, Feb. 25, 2013, a person familiar with the contract told The Associated Press. The extension is worth about 7 million and will free up nearly 5 million in salary cap room for the team. (AP Photo/John Bazemore, File)

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.

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