Exact details about the contract have not been released by the franchise. Several insiders covering the Saints tweeted insider details before the team's weekly media availability Wednesday at the training facility in Metairie.
Ian Rapoport, reporter for the NFL Network, tweeted that Brees and the Saints have agreed to what appears to be a one-year extension. Brees gets $44.25 million fully guaranteed over the next two years.
Brees said during the media availability that the contract allows him to stick with the Saints while also proving he can play for longer contracts. He said he wanted a longer deal, but the contract helps the team sign possible players.
He said that his goal has always been to remain with the Saints.
"In my mind, you're always playing on one-year deals, one-game deals," he said.
Brees expressed many times during the process that once the season started, he would not continue contract negotiations.
The only thing Brees has to worry about now is when he will retire with the Saints, something that he said he has wanted to do all along.
Brees is entering the final year of a five-year, $100 million contract, which he signed in the summer of 2012. He joined the Saints in 2006 as the first free agent signed by general manager Mickey Loomis and head coach Sean Payton.
Since joining the Saints, Brees has completed 67.6 percent of his passes for 48,555 yards, 348 touchdowns and 152 interceptions during the regular season. He has led the Black and Gold to 94 wins in 10 seasons including the team's first Super Bowl win in the 2009 season when they defeated the Indianapolis Colts in Super Bowl XLIV.
Brees has started in 158 of the 160 regular season games since arriving in New Orleans. He missed a game last season at Carolina because of a shoulder injury.
In 2009, he sat out the finale at Carolina because the Saints had home-field advantage throughout the playoffs wrapped up.
The real question now is whether the Saints can get things rolling again with a 37-year-old quarterback who is, of course, only getting older. Will his salary also handcuff the team from signing players around him to make the Saints better?
These are questions that will be answered in time. The Saints will hit the field Sunday against the Oakland Raiders in the team's 2016 season opener.